China car services platform Ebaoyang raises $23m
Ebaoyang, a Chinese on-demand car maintenance services provider, has received an initial RMB150 million ($23 million) for its Series C round from One Capital and existing investor Source Code Capital. The round has yet to close.
Ebaoyang was launched by Feng Gao, formerly an executive at PE-backed designated driving services provider Edaijia, in 2014. It allows users to place orders for car maintenance services, such as car washing and vehicle repairs, either online or through social networking app WeChat.
In addition to the B2C business, Ebaoyang has established a B2B platform that connects offline vehicle part suppliers and car service providers. It claims to sell more than 7,000 automotive components supplied by 1,600 offline shops.
The start-up raised a $5 million Series A round from Source Code in 2014 and then last year Beijing Kunlun Technology led a $20 million Series B round. The new capital will be used to develop Ebaoyang's online technology, and improve management of its offline network, the company told local media.
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