Jiangsu-based Chezhibao Information Technology, operator of used-car auction site Chezhibao.com, 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.