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Used-car Auction Site Chezhibao Completes RMB 800 Mln Series D

Ebrun, 6/06/18

Jiangsu-based Chezhibao Information Technology, operator of used-car auction site, announced today the completion of RMB 800 mln in Series D funding led by Green Harbor Investment with participation from Pacific Alliance Group (PAG), Addor Capital, and Gobi Partners.

Chezhibao, a C2B auction site for used cars, is on track to see its transaction volume and revenue grow 400% in 2018, according to founder and CEO Huang Le. The platform should hit annual trading volume of 1 mln vehicles within the next two years as the user base grows exponentially, and Chezhibao will maintain its overall profitability.

Chezhibao will form a close strategic alliance with partners such as Chinese internet conglomerate Alibaba Group's (NYSE: BABA) used car business to expand into at least 200 cities as car sources. Chezhibao will build a complete used car financial system and strategically use synergy between supply chain finance and retail finance to create a new channel for automobile consumer upgrades.

Keywords: Green Harbor Investment VC Internet automobile funding Pacific Alliance Group Series D Gobi Partners Alibaba Group Addor Huang Le C2B e-commerce second-hand Chezhibao


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