Online car platform Chehaoduo raises $818mn in funding round led by Tencent

Online car hire and purchase platform Chehaoduo is has raised $818mn in its latest funding round, led by tech giant Tencent.

The company started out as Guazi, a platform for users to trade second hand cars. However, upon rebranding last year, it added a new online car sale offering which not only allows new vehicles to be sold but also provides access to auto industry services in general.

See also:

Didi Chuxing to provide premier smart traffic service to China’s cities

Volkswagen to invest $12bn in China for EV production

Alibaba to cooperate with Ford in new Chinese retail opportunities

This is part of a wider trend of platforms linking car buyers, sellers, dealers and services online. Competitors currently include auto financial service start-ups Renrench, Chezibao, Uxin, Che300 and Tiantianpaiche, all serving the world’s largest car market.

Tencent is therefore keen to invest in this growing area.

The round was Series C for the company, and also included investment from ICBC International, Yungfeng Capital, Singaporean sovereign fund GIC among others. The company already had investment from Sequoia Capital, H Capital and DST Global who invested further in this round.

Chehaoduo’s previous round was in October and raised $180mn, following $400mn in June.

Share

Featured Articles

Exec interview: Brook Sims, COO, MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Best new books that will make you a better leader

From inspiring CEO memoirs to strategic guides, these new books dish up plenty of principles, strategies, and anecdotes to help you become a better boss

5 Mins With: Jeff Li, founder and CEO of Shoplazza

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

Workplace special – the changing nature of the office

Leadership & Strategy

Meet Shanique Bonelli-Moore, DEI leader at Clorox

Sustainability

Forterro CEO Dean Forbes – inspirational leadership

Leadership & Strategy