Shanghai-based Xiangtu Network Technology, developer of mobile car maintenance booking app Lechebang (literally "Happy Vehicle Nation"), has announced completion of RMB 300 mln in Series B funding led by Yuanyi Investment. Additional investors participating in the round were Sino-French Innovation Fund, and existing shareholders Sequoia Capital China, Ningbo-based automotive supplier Joyson Electronic, and Vertex Ventures.
Lechebang CEO Lin Jinwen said that this round of funding would mainly be used to accelerate the development of the company's repair and maintenance business unit, attract talent, expand service to new cities, and increase marketing efforts.
Lechebang's core business model focuses on integrating unused resources of car maintenance and repair shops to provide users with one-stop automotive services such as maintenance, paint jobs, washing and detailing, fuel fill-ups, traffic violation lookup, and online technician consulting.
To date, Lechebang has over 10 mln registered users and partnerships with approximately 3,000 automotive service shops. Its business covers 24 cities, and the company hopes to extend that to 55 cities by the end of 2017.
Lechebang also has partnerships with 175 leading internet platforms such as Baidu Maps, Nuomi.com, Tencent Auto, Alibaba, JD.com, Dianping, and 58.com, providing them with an online portal for car repair and maintenance products.
Editor's Note: For more information on this topic, please see "Car Maintenance App 'Happy Vehicle Nation' Secures RMB 50 Mln Series A+," MD 6/15/16 issue.