Guazi.com Completes USD 180 Mln Series B+ Funding
36kr.com, 10/31/17
Online and mobile C2C used-car trading platform Guazi.com, operated by Chehaoduo Used Motor Vehicle Broking (Beijing), has announced a reorganization of existing businesses into an upgraded Chehaoduo Group, which will operate Guazi.com and new car platform Maodou.com as two independent brands.
Chehaoduo also announced the completion of nearly USD 600 mln in total Series B funding. Guazi.com won more than USD 400 mln in Series B funding in June 2017, while Chehaoduo won more than USD 180 mln in Series B+ funding in October. New investors included DST Global, Capital Today, and BOCGI Zheshang Industrial Fund, while existing stakeholders, including Sequoia Capital and H Capital, increased their investments.
The funding, which has all been received, will be used for continued investment in Guazi.com, according to Chehaoduo Group CEO Mark Yang. Chehaoduo also plans to use asset leasing to stake out a position in the car industry. Funding and resources invested in Maodou.com will be on the same scale as Guazi.com.
Maodou.com currently covers 33 major cities across China, and has established partnerships with 24 automobile factories covering more than 70 mainstream models. Maodou.com has also launched strategic partnerships with Changan Automobile (000625.SZ), Shanghai Volkswagen, Infiniti, Guanzhou Automobile Corporation (601238.SH), Fiat, and Chrysler.
Keywords: Maodou New Car VC Internet automobile funding Capital Today Series B Sequoia Capital H Capital BOCGI Zheshang Guazi Chehaoduo Digital Sky Technology corporate restructuring Mark Yang e-commerce
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