China-based online used car auction platform Tiantianpaiche has secured $100m in a series C round featuring corporates Tencent, Bitauto, SoftBank and SIG, China Money Network reported yesterday.
Internet company Tencent, automotive e-commerce and information portal Bitauto, telecoms and internet group Softbank’s SB China Capital unit and trading and technology firm SIG’s China-focused investment arm, SIG Asia Investments, took part in the round with investment firm Pagoda.
Founded in 2014, Tiantianpaiche connects used car buyers and sellers through online auctions. The company’s platform hosts more than 4 million users trading a total of about 10,000 used cars each month.
The proceeds from the financing will be used to grow the business, enhance Tiantianpaiche’s product offering and expand into new areas such as financial services and new car sales.
Tencent, Bitauto, SB China Capital and SIG Asia Investments also participated in Tiantianpaiche’s series A and B rounds in 2015, supplying a total of $73m in funding, according to China Money Network.