China-based after-sales automotive services provider Tuhu has secured $450m in a series E round that included internet group Tencent, China Money Network reported today.
CICC Qiyuan and CICC Alpha, both of which are overseen by investment bank China International Capital Corporation, also took part, as did Carlyle Group, Sequoia Capital, CCB International, Qiming Venture Capital, Joy Capital, Grand Flight Investment, Goldman Sachs and Welkin Capital.
Tuhu operates an online-based offering that supplies replacement car parts, tires and lubricants as well as services such as vehicle maintenance, washing and waxing. It claims to have some 13,000 outlets spanning more than 350 Chinese cities.
In addition to investing in Tuhu, Tencent will collaborate with it on smart retail technology and supply chain finance according to China Money Network, which reported that Goldman Sachs and internet company Baidu had supplied an undisclosed amount of series D funding in 2016.
Tuhu closed its $150m series C round in 2015 when it raised $50m in a second tranche led by Hillhouse Capital and backed by Qiming Venture Partners.
The company received $100m for the first close, from Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, as well as financial services provider Far East Horizon, Qiming Ventures and Welkin Capital.
Legend Capital and Qiming Ventures had provided a total of $30m of funding for Tuhu across series A and B rounds in 2013 and 2014 respectively.