China online used car marketplace Renrenche raises $150m
Renrenche, a Chinese peer-to-peer second-hand car trading platform, has raised $150 million in the initial tranche of its ongoing Series D round of funding.
The tranche is led by Prometheus Capital, China Minsheng Investment, Han Fu Capital and Xin Jun Capital. Existing investors Tencent Holdings, Shunwei Capital Partners, Ceyuan Ventures and Redpoint Ventures also re-upped.
Beijing-based Renrenche was founded in April in 2014. It seeks to replace used car dealers with an online platform through which buyers and sellers can negotiate transactions directly. About 200,000 used cars were sold on the platform over the last two years.
The company also provides auto maintenance and after-sales services, with a view to becoming a leading online second-hand automobile 4S (sales, spare parts, services and surveys) store. It will use the new capital to expand into automotive financing, forming partnerships with financial institutions to offer loans to car buyers, the company told a press conference. It will also partner with some 1,000 offline auto service providers to enhance its after-sales services.
According to AVCJ Research, Ceyuan, Shunwei and Redpoint jointly invested $25 million in the start-up through two tranches in 2014. Last year, Tencent led a $85 million Series C round for the company, followed by existing VC investors.
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