Rumor: Used Car Auction Website 'Uxin' Raises USD 400 Mln Series D
Ebrun, 1/22/16
Beijing-based used car electronic auction service provider Youxin Internet Information Technology (Uxin) recently completed more than USD 400 mln Series D funding, with Series B investors Tiger Global and Warburg Pincus contributing USD 200 mln of this sum, and Taikang Life Insurance also participating, according to a source at an investment firm close to the matter. Zhao Dan, Uxin's general manager of marketing, said that the company was not yet ready to comment on the matter when questioned by a reporter from online media outlet Ebrun.com.
The investment firm source also said that while Taikang Life Insurance joined the Series D funding round, it was unclear whether Series C investor Baidu (Nasdaq: BIDU) had also participated.
Editor's Note: This news, as it appears in Chinese-language media, says "...with Series C [rather than Series B] investors Tiger Global and Warburg Pincus contributing USD 200 mln of this sum..." Key Series C investors, announced in March 2015, included Tiger cub Coatue Management, private equity firm KKR, and Baidu, while key Series B investors, announced in September 2014, included Tiger Global and Warburg Pincus. For more information on this topic, please see "Used Car Auction Firm Uxin Raises USD 170 Mln from Baidu, KKR, Coatue," MD 3/17/15 issue, and "Used Car Auction Platform Youxinpai Lands USD 260 Mln Funding," MD 9/16/14 issue.
Keywords: VC Internet funding Warburg Pincus Tiger Global Uxin automobile e-commerce
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