The China-based used car trading platform Hangzhou Dasouche Auto Service Co. recently announced that they have fundraised $578 million in a new round of financing. The round was primarily led by Primavera Capital Group and Morningside Venture Capital.
The latest round saw the participation of existing investors including Chinese e-commerce giant Alibaba Group Holding Limited, fintech company CreditEase and insurance company Sunshine Insurance Group Company Limited, among others, according to the company’s official WeChat account.
The company will use the proceeds for upgrading the platform’s technology and other business expansion purposes.
“China’s auto market is quite prominent, with the selling volume of both new and used cars rising drastically,” said Zhang Jing, managing director of Primavera Capital Group.
In 2017, more than 12.4 million second-hand vehicles were traded in China, with an annual growth rate of 19.3%, according to statistics conducted by China Automobile Dealers Association.
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