Renren Leads USD 110 Mln Series D in Used Car Sales Platform Cheyipai
Huxiu.com, 2/06/15
Beijing-based Dianfeng Technology, operator of online used car sales platform Cheyipai.com, has completed USD 110 mln Series D financing. The round was led by Beijing-based Qianxiang Tiancheng Technology Development, one of Beijing-based social networking site operator Renren's (NYSE: RENN) PRC operating entities, with participation from Sequoia Capital, Matrix Partners, Morningside Ventures and CITIC Capital. The sole financial adviser was Hina Group.
Cheyipai.com is a B2B auction-style e-commerce platform, with sellers comprising enterprises and car dealerships. CEO Yang Xuejian says that Renren will become an important channel to develop B2C sales, however the two companies have not disclosed the nature of their cooperation.
Yang says total online sales on the platform exceeded RMB 15 bln in 2014, with almost 300,000 cars traded.
Editor's Note: In a separate, English-language press release, Cheyipai said approximately 500,000 car trades have been made on the platform since its launch. So far, Cheyipai has built an 800 person-strong inspection team deployed throughout the country, able to provide designated location and on-site testing services to potential used car owners. During 2014, Cheyipai developed a technology-based solution for the used car industry and aggressively expanded its service network across the country. Cheyipai has now built four operation centers strategically located across the country to maximize geographical reach and set up dozens of secondary service centers as well as established a sales network covering more than 300 cities nationwide.
Previous rounds of financing were as follows:
Series A financing, 2011, amount of financing: USD 5 mln, investor: Morningside Ventures.
Series B financing, March, 2013, amount of financing: USD 20 mln, investor: Matrix China.
Series C financing, February 14, 2014, amount of financing: over USD 50 mln, investor: led by Sequoia Capital with secondary investors Matrix China and CITIC Capital.
Keywords: Yang Xuejian VC M&A GMV e-commerce Internet B2C Matrix Partners Renren Sequoia Capital RENN Cheyipai Dianfeng funding fourth-round automobile
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