Yigongli, the China-based smart car wash operator also known as 1KMXC, has closed a series C round featuring insurer People’s Insurance Company of China (PICC) at RMB600m ($84.4m), DealStreetAsia reported on Monday.
PICC provided the first RMB200m of the round before private equity firm Centurium Capital led a RMB200m second tranche and fellow private equity firm ClearVue Partners supplied the final third for Yigongli to close the round.
Founded in 2013, Yigongli operates an automated car washing service that enables users to book appointments through a mobile app. Customers can also access after-sales automotive services through the platform.
The company’s services are offered across some 1,400 outlets in China according to a statement cited by DealtreetAsia, and part of the series C proceeds will fund international expansion.
Yigongli will supply car washing services for PICC customers following the round, and aims to help the insurance provider increase its repurchase rate.
E-commerce firm Alibaba invested an undisclosed amount in the company in late 2018 which DealStreetAsia identified as series B funding. It has not disclosed precise details of its other past financing but said investment firm Mingtai Capital is an existing backer.
