Beijing-based Souche Holdings, operator of online C2C second-hand car sales platform Souche, recently announced the completion of USD 180 mln in Series D funding led by American private equity firm Warburg Pincus with participation from VMS Investment Group, ClearVue Partners, Shanghai Zuoyu Asset Management, Haitong International Securities Group (0665.HK), CreditEase New Finance Industry Investment Fund, and Morningside Ventures.
Souche uses its Software as a Service (SaaS) system to connect more than 80% of China's offline second-hand car dealers and provide them with data, transaction, and financial services. In 2016 the platform reached a trading volume of 51.3 mln units and a transaction volume of RMB 69.68 bln.
Souche founder and CEO Yao Junhong said that this round of funding will be used to enhance the car sales and financial services ecosystem so that by the end of the year the company can reach its 10 mln unit sales target.
According to Warburg Pincus investing partner Chen Weihao, Warburg Pincus will use its own resources and experience in the travel and financial sector to assist Souche to expand the scope of its car sales services.
Editor's Note: For more information on this topic, please see "C2C Used Car Sales Platform Souche Secures USD 100 Mln Series C," MD 11/15/16 issue.
Keywords: Zuoyu Asset VC 0665.HK Chen Weihao Yao Junhong Internet funding Series D Morningside second-hand Warburg Pincus Souche CreditEase ClearVue VMS Investment automobile Haitong Securities e-commerce