China used car auction player Tiantian Paiche closes Series C
Tiantian Paiche, a Chinese online used car trading platform, has raised $80 million from investors such as Industrial Bank of China to close its Series C round of funding at $180 million.
The first tranche of the Series C was announced in November of last year, with Pagoda Investment leading a $100 million commitment. Hanfor Capital Management was the only other disclosed investor in the latest tranche, although the company said other well-known investment institutions also participated, local media reported.
Tiantian Paiche aims to connect individual used car buyers with dealers, using technology to increase choice, reduce costs and minimize intermediation. Founder and CEO Weiwei Wang said that the company’s auction trading volume is twice that of the second-largest player in the market. Average monthly trading volume reached 10,000 vehicles in 2016 and has increased substantially since then.
The company will use the capital to build out its core auction business, covering more cities and improving operational efficiency and user experience. It is also looking to offer a wider range of value-added services, including car financing and insurance.
A host of Chinese used car trading platforms have secured PE and VC backing, but these start-ups place differing levels of emphasis on the B2B, B2C, C2C and C2B markets. They tailor their services accordingly, with some expanding aggressively into auto financing and dealer services, while others concentrate on listings and auctions.
Other recent sizeable investments include a $180 million Series D round for Souche in April, which was led by Warburg Pincus. The likes of Mychebao.com, Uxin, Guazi.com and Renrenche have also received investments of $100 million or more in the last 18 months.
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