Rumor: Used Car Trading Platform Renrenche Wins USD 60 Mln Series C

DoNews, 5/22/15

Beijing-based Shanyi Shanmei Technology, operator of used car trading platform Renrenche, has completed USD 60 mln Series C funding, a source with knowledge of the situation has said.

The source added that the current round of funding was led by a well-known VC firm and that internet company Baidu (Nasdaq: BIDU) may also have participated in the round.

Renrenche is a C2C platform for used cars that was established in April 2014. At present, it operates in 16 cities, and in April conducted more than 1,000 trades. In December 2014, it announced that it had completed Series B funding from Shunwei Capital, Ceyuan Ventures, and Redpoint Ventures.

Keywords: VC M&A Renrenche Internet funding Baidu C2C Ceyuan Ventures Redpoint Ventures BIDU Shunwei automobile third-round e-commerce Shanyi Shanmei

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