China's Haoqipei gets $60m Series D

XVC Venture Capital, Jeneration Capital, DCM, and Susquehanna Asia Investment also participated. It brings the company's total funds raised to date to more than $150 million. Previous backers include DST Global, Redpoint Ventures, and Shunwei Capital.

"Starting from a platform that matched suppliers and buyers, Haoqipei has developed into the go-to place for auto parts, covering the full lifecycle of the transaction, including marketplace, warehousing, and logistics," Boyu Hu, a partner at XVC, said in a statement. "Haoqipei's business model development continues to lead the industry and create competitive advantages."

Founded in 2016, Haoqipei aims to disrupt the offline auto parts industry by decreasing costs, improving quality and increasing speed and transparency. The company combines payments and market price comparisons with offline warehousing and logistics services servicing more than 100 cities in China. It values the local automotive aftermarket at more than $180 billion. 

Competitors in this space include Baturu Technology, which raised a $100 million Series C in 2017 for a similar platform called Qipeipu that is supported by an offline service network of more than 50,000 garages and repair shops. Earlier this year, Mancando, which approaches the market with a heavily offline-focused strategy, raised a $25 million Series A for a push into lower-tier cities and online services development.

Access Technology Ventures is a venture capital and growth technology investment arm of US-based industrial group Access Industries. Its portfolio includes Alibaba Group, Amazon, Facebook, Tencent Music, and PinDuoDuo.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Expansion
• Technology
• China
• Jeneration Capital
• TMT
• automobiles