Chinese auto after-sales services player Tuhu raises $450m

CCB International also took part alongside a number of existing backers, among them China International Capital Corporation (CICC), Joy Capital, Grand Flight Investment – a private equity firm set up by Far East Horizon – Qiming Venture Partners, Goldman Sachs, and Welkin Capital. The round was announced by China Renaissance, which served as exclusive financial advisor.

Tuhu previously received Series D funding in 2016, led by Baidu and Goldman. This followed a $100 million Series C in June 2015, featuring Far East Horizon, Legend Capital, Joy Capital, and Qiming, and then a $50 million extension four months later led by Hillhouse Capital.

Founded in 2011, Tuhu provides a platform through which car owners can identify offline after-sales services providers, using the website or mobile app to purchase goods or make appointments for tire replacements, vehicle check-ups, and oil changes. As of August, the company had partnerships with more than 13,000 offline service centers and 400 workshops across 405 cities. It also has 30 warehousing and logistics facilities.

The new funding will be used to improve user experience, accelerate the standardization of technical services, enhance supply chain transparency, and deepen the company's partner network. There will also be cooperation with Tencent, with a view to developing capabilities in areas such as smart retail and supply chain finance. China Renaissance noted that the country's automobile after-sales services industry is worth more than RMB1 trillion ($146 billion) a year.

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• Topics
• Greater China
• Technology
• Consumer
• Expansion
• China
• Growth capital
• automobiles
• TMT
• The Carlyle Group
• Tencent
• Sequoia Capital
• CICC
• Qiming Venture Partners