Chinese car-trading platform Mychebao gets $100m Series C

Founded in 2012, Nanjing-headquartered Mychebao, also known as Chezhibao in Chinese, provides a consumer-to-retailer (C2R) platform that connects car owners, dealers and service retailers. The company’s auto experts appraise the cars and then list them online for trade or sale. Interested buyers can then make an offer to the owner. Transactions are completed online with Mychebao providing after-sales services.

The company currently has offices in 15 cities including Beijing, Shanghai, Shenzhen and Chongqing. It completes about 10,000 transactions every month, with each deal generating about 3% commission that is collected from the seller upon completion. The company has already become profitable.

Mychebao previously raised a $10 million Series A round from Gobi Partners and Nanjing Venture Capital in September 2014. One year after, it secured a RMB300 million ($50 million) Series B round led by JD Capital and Addor Capital.

Along with the Series C round, Mychebao said it has completed a strategic acquisition of Youyiche, a Shanghai-based middle to high-end used-car trading platform. The merged company will operate under the Mychebao brand, with an aim to provide C2R services in over 50 cities by the end of this year.

Part of the new funding will be also used to provide full services for second-handed car retailers, covering financial services, logistics, cloud technology supports and car evaluation services, Mychebao said in a statement.

Chinese used-car trading platforms have drawn strong interest from PE and VC investors. Two months ago, Uxin raised $500 million in a round led by TPG Growth, Jeneration Capital and China Vision Capital. In September, consumer-to-consumer (C2C) used car trading platform Guazi.com finalized its $250 million Series A round of funding, and then its industry peer Renrenche raised $150 million.

PAG manages a diverse array of alternative assets across private equity, real estate and hedge funds. Its debut private equity fund closed in 2012 at $2.5 billion, and it is currently investing its second vehicle, which closed at $3.66 billion at the end of 2015.

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• Topics
• Greater China
• Consumer
• Technology
• Expansion
• China
• TMT
• PAG
• Growth capital
• Venture
• automobiles