Goldman Sachs leads $300mn investment in RenRenChe, China's online car sales platform
Chinese online used car sales platform, RenRenChe, recently received a $300mn cash injection in an investment led by Goldman Sachs.
Founded in 2014, RenRenChe is an e-commerce company allowing users to buy and sell second-hand cars online. Last year, according to the South China Morning Post, data from the China Automobile Dealers Association revealed that 12.4mn used cars were sold in China, marking a year-on-year rise of 19.3%.
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At the moment over 210mn cars are privately owned throughout the country, which is the largest automobile market in the world.
RenRenChe says it is planning to use this new investment to hire more staff and invest in new technology. The company has also had investment from Didi Chuxing, and regularly sells cars to the Chinese ride-hailing giant.
Other backers in this most recent round included Shunwei Capital, Tencent and Beijing Prometheus Capital.
