Rumor: C2C Used-car Trading Platform Guazi Wins USD 200 Mln Series A
Tencent Tech, 1/31/16
Beijing-based Chehaoduo Used Motor Vehicle Broking, operator of online and mobile C2C used-car trading platform Guazi.com, has reportedly completed more than USD 200 mln Series A funding, according to an investor speaking with online media outlet Tencent Tech. The same source estimates the company's valuation at more than USD 1 bln, although it is unclear whether this is a pre- or post-funding valuation. The transaction is said to be completed and an announcement from Chehaoduo Used Motor Vehicle Broking is expected soon.
Editor's Note: Guazi.com was established by online classifieds site Ganji.com, which later merged with rival online classifieds site 58.com (NYSE: WUBA). In November last year, 58.com announced plans to spin off Guazi.com to facilitate faster potential growth of the C2C used car trading platform, divesting a controlling ownership stake in Guazi to Mark Yang, Co-Chairman and Co-CEO of 58.com, in exchange for a cash injection from Yang into Guazi. Following the injection, 58.com retains an estimated 46% stake in Guazi. For more information on this topic, please see "C2C Used-car Trading Platform Guazi to Complete Funding by February," MD 1/04/16 and "58.com to Spin Off C2C Used Car Trading Platform Guazi to Ganji Founder," MD 11/25/15 issues.
Keywords: Internet funding valuation C2C Ganji Series A Chehaoduo Guazi automobile 58.com WUBA Mark Yang e-commerce
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