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.
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.