GGV leads Series B for China auto after-sales service platform
GGV Capital has led a $30 million Series B round of funding for Yangche Diandian, a Chinese mobile app that focuses on automotive after-sales services.
The firm raised $4 million in June from undisclosed investors.
Yangche Diandian was launched in March and connects car owners with offline auto after-sales services providers. Car owners can post their required services through the app and companies compete on price for the business.
Meanwhile, Yangche Diandian has also announced RMB1 car-washing service for all car owners in order to expand its user base. There are about 3,000 commercial car service shops operating on the company's platform, mainly in major cities such as Beijing, Shanghai and Shenzhen.
The company plans to use the new funds to expand into 30 second-tier cities by the end of next year, according to local media.
GGV - which has offices in Silicon Valley and Shanghai - closed its fifth fund at $620 million in May. The firm sees considerable potential in how on-demand services and the shared economy are changing businesses and consumption behavior, according to Jixun Foo, GGV's managing partner. Yangche Diandian is part of this trend.
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