China car servicing platform Tuhu raises further $50m

A fund managed by China International Capital Corporation (CICC), Greenwood Asset Management, Hong Kong-listed leasing business Far East Horizon and Qiming Venture Partners also participated.

Tuhu was founded in 2011 and Qiming has supported the company through three rounds of funding. Its last round closed in June when Far East Horizon, Legend Capital, Joy Capital and Qiming committed $100 million. It was said to have valued the company at less than $500 million.

The start-up provides a platform through which car owners can identify offline after-sales services providers, using the website or mobile app to purchase goods or make appointments for vehicle check-up or oil charge. Its services currently cover more than 300 Chinese cities through in partnerships with over 10,000 offline shops.

The platform claims to have more than four million registered users, about 200,000 of them actively using the services, Min Chen, CEO of Tuhu, told 36kr. Tuhu has also set up a number of wholly-owned service centers in key cities from which it coordinates same-day delivery of products to consumers. Sales are said to have reached RMB300 million ($48.3 million) in 2014 and the target for this year is RMB1.5 billion.

The new funding will be used to enhance the company's supply chain, build more warehouses and improve offline services.

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• Topics
• Greater China
• Consumer
• Venture
• Technology
• Expansion
• Hillhouse Capital Management
• TMT
• automobiles
• Qiming Venture Partners
• Venture
• Growth capital
• China