CBC leads $10m round for Chinese auto repair start-up Kalading
Chinese auto repair start-up Kalading has raised a $10 million Series A round led by CBC Capital. Existing investor Gobi Partners also participated, as did Geek Partners.
Kalading offers on-site car repairs, along with safety testing and other services, in 22 cities through its own team of mechanics. Customers can book mechanics via phone and WeChat, and a mobile app is being developed.
The company generates revenue, in addition to its labor fees, as an authorized reseller of products from Exxon, Castrol, and others. It also develops its own products. Kalading will use the new financing to grow its coverage area and to expand the range of products and services on offer, according to a Tech in Asia article linked on Gobi's website.
Gobi, which led Kalading's $400,000 seed round, provides early-stage and growth capital to Chinese e-commerce startups. Kalading is just one of its investments in the automotive sector; the firm co-led a $6 million Series A round for car parts maker AutoBot in January 2015 along with ABC Capital, and invested in second-hand car trading platform Mychebao.com in 2014.
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