Used Car Trading Site Souche Secures USD 578 Mln Series F
36Kr.com, 9/03/18
The CEO at Beijing-based Souche Holdings, which operates C2C used car trading platform Souche.com, recently sent an internal email revealing that the company has completed USD 578 mln in new funding led by Primavera Capital Group and Morningside Ventures with participation by Chinese internet conglomerate Alibaba (NYSE: BABA), Beijing-based Dreamfly Capital Management, Lingfeng Capital, Shenzhen-based Palading Equity Investment, ClearVue Partners, Russia-China Investment Fund, Sunshine Insurance Group, and CreditEase.
Souche CEO Yao Junhong also confirmed that Souche has wholly-acquired two firms, including Beijing-based Yunche Wang Network Technology, operator of mobile vehicle shipping app Yunche Guanjia, and Shanghai-based auto dealer group ERP system provider Breakthrough Information Technology.
Yao said that as of August 2018, Souche's SaaS business reaches 90% of medium- and large-size used vehicle dealerships, more than 9,000 4S stores, and over 60,000 new vehicle dealerships. In 2018, the company's SaaS systems are expected to handle RMB 350 bln in total online transactions, a 200% increase YoY.
Editor's Note: Chinese IT industry investment information portal IT Juzi reports this newest round of funding as Series F (Pre-IPO). For more information on this topic, please see Rumor: Used Car Trading Site Souche Raising USD 800 Mln Series F, MD 5/11/18 issue.
Keywords: VC Palading Breakthrough Information Technology Internet funding Morningside Series F Souche CreditEase ClearVue BABA Primavera Capital Yunche Wang Yunche Guanjia Sunshine Insurance Lingfeng Yao Junhong Russia-China Investment Fund Dreamfly Capital Alibaba Group automobile M&A e-commerce
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