China-based used-car auctioning platform Youxinpai, which is backed by the corporate venturing units of Legend Holdings, Bertelsmann and Tencent, has raised $260m in series C funding, China Money Network reported yesterday.
The round was led by private equity firm Warburg Pincus and Tiger Global Management, and also featured additional, undisclosed investors.
Youxinpai is an online car auction service with operations in 365 Chinese cities, and claims that more than 15,000 car dealers use its service.
Legend Capital, the corporate venturing arm of conglomerate Legend Holdings; Bertelsmann Asia Investments, which makes strategic investments on the behalf of publisher Bertelsman; internet company Tencent and venture firm DCM all contributed to $30m series B round in April 2013.
Youxinpai raised angel funding from Li Bin, chief executive of automotive listings site Yiche.com, in 2011.