The Chinese based used vehicle online site, Tiantian Paiche, can now rely on Tecent as a recent investor, and can boast about earning $100 million in funding from Autohome, an internet site for car purchases in China.
On its Wechat account, the company said Autohome was the sole investor in the corporate round. The investor has also obtained the right to invest an additional $65 million in the form of convertible notes, which can be redeemed within three years from the completion of this funding round.
Tiantian Paiche, founded in 2015 with a customer-to-business model, said it will use the proceeds of the latest funding round for business expansion, including in the used car retail and financing services spaces.
The latest round brings Tiantian Paiche’s total funds raised to date to $353 million. In 2017, the company raised $180 million in a Series C round backed by Tencent, SIG and SB China Venture Capital, among others.
Tiantian Paiche claims to have served over four million used car sellers on its platform, with a monthly transaction volume of over 10,000 used cars sold through its online channels.
The investor, New York-listed Autohome Inc, claims to be the leading online destination for automobile consumers in China. It provides user-generated content, an automobile library, and automobile listing information to consumers, covering the entire car purchase and ownership cycle.
Read more here
Join us in Miami from the 20th to the 22nd of June for the Global Online Marketplaces Summit. Our summit theme is From Classifieds to Marketplaces – Capturing Value from the Transaction and we’ll hear from Global Leaders who are creating the Online Marketplaces of Tomorrow.