China auto parts supplier Mancando gets $57m Series B

The new capital will be used to extend supplies of wearing parts - vehicle components that are purchased and replaced most often - warehouse expansion, and further systems digitization. 

Last year, the company raised RMB200 million in an extended Series A round led by Legend Capital, with participation from Eastern Bell Venture Capital, Galaxy Capital, and Oriza FoF. The first tranche of RMB170 million was led by Eastern Bell.

Founded in 2015, Mancando is based in Guangdong province and has established 2,200 franchise stores serving hundreds of thousands of repair shops in 31 provinces. It claimed to have developed 10 digital modules covering areas such as supply chain management, enterprise resource planning (ERP), and fast repairs. For example, these systems can automatically monitor inventory and send alerts when replenishments are required.

Mancando uses high-quality products sourced from original equipment manufacturers (OEMs) to replace overseas brands. This is in line with a general trend in China whereby domestically produced goods are supplanting overseas brands as customers seek an optimal balance between price and performance. 

Other investments in the automotive aftermarket services segment include an $80 million funding round – described as the first tranche of a Series C – for parts supplier Casstime. It was led by Sequoia Capital China and Source Code Capital. B2B auto parts trading platforms Haoqipei and Baturu Technology have also received VC backing.

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• Topics
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