Chezhibau Information Technology, a Chinese online used-car auction that recently raised $100 million in its Series C funding round in March, has just announced that it has closed its Series D funding round with a total of $125 million (RMB 800 million) in investments.
The company, which operates the business-to-consumer car trading platform Chezhibao.com, said the latest round was led by private equity firm Green Harbor Investment and backed by Pacific Alliance Group, Ador Equity Investment Fund Management, and Gobi Investment Management.
Founded in 2012, Chezhibao connects car owners, dealers and buyers online to facilitate used-car transactions. It aims to set up a national network and expand to over 50 cities in 2017, the company said in its statement.
At present, Chezhibao has offices in 15 cities including Beijing, Shanghai, Shenzhen, and Chongqing, and it plans to expand to 100 outlets in 2019.
On its official WeChat account, Chezhibao CEO Huang Lee said the company aims to quadruple its transaction volumes and revenues this year. The company will also set up a logistics system in cities where restrictions on moving second-hand cars have been lifted.
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