Jiangsu-based Lebo Investment, operator of used-car auction site Mychebao, has raised approximately USD 100 mln in Series C funding led by Pacific Alliance Group.
Mychebao is an online used car trading site which uses an auction system to sell cars, and provides free, one-stop services for sellers. With this round of funding, Mychebao will complete its acquisition of Shanghai-based Maila Auto Service, operator of online mid- to high-end used-car trading platform YourNextCar. The two platforms will continue expanding in the C2B used car trading industry under the Mychebao brand.
Since its launch in 2012, Mychebao has grown to cover 15 cities. It has a monthly transaction volume of over 10,000 cars, more than 50% of which are cross-regional, and has achieved profitability. The company has signed contracts with tens of thousands of car dealers in over 200 cities.
Editor's Note: For more information on this topic, please see "Used-car Auction Site 'Mychebao' Wins RMB 300 Mln Series B," MD 8/10/15 issue.