China Growth Capital leads round for auto-focused lending platform
China Growth Capital has led an extended RMB217 million ($34 million) Series A round for Chedai.com, a Chinese automobile financial lending platform.
Existing backer Matrix Partners China also participated in the round.
Founded in 2013, Chedai provides customized financing solutions to second-hand car dealers, car rental companies, auto part retailers and car buyers. To support its online lending services, the start-up has formed partnerships with traditional banks, insurance companies and used-car trading platforms. It claims to have faciliated more than RMB4 billion in loans to about 1,000 users since inception.
Chedai raised an undisclosed Series A round last year from CITIC Group, BAIC Group, Bailian Group, Credit China and Matrix Partners.
The new funding will be used to scale up the business by acquiring market share, Haiyan Li, Chedai's chairman, told local media.
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