SIG leads $70m Series C for China's YiAuto

Founded in 2015, the company complements its online platform with a network of more than 200 self-operated sales lots and achieved gross merchandise value (GMV) of RMB12 billion in 2020. It mainly targets lower-tier cities where sales primarily involve new energy vehicles priced below RMB100,000 ($15,460).

New car sales in China are still mostly transacted offline and buyers have little negotiating power. YiAuto leverages a digital supply chain and process management technology to share prices across the country in real-time. Car buyers can source information relating to insurance and logistics costs as well.

In addition to matching buyers and sellers, the company assists in transaction execution by offering delivery services.

"We look forward to a revolution in automobile consumption. In the future, buying a car will become as easy as buying home appliances with transparent price concessions, no bargaining, online ordering, and pick-up or delivery to the nearest store," said Moulong Bao, founder and CEO of YiAuto, in a statement.

Private equity investors have committed substantial sums to online car trading platforms in China. The initial focus was on the second-hand market, but several of the major players - Chehaoduo, Souche, Renrenche, and Uxin Group - have expanded into the new vehicle segment. Uxin went public in 2018. 

 

Most recently, Chehaoduo, which operates Guazi and Maodou for used and new vehicles, respectively, raised $200 million in an extended Series D round last year. The company's founder, Mark Yang, is also co-founder of local VC firm Hike Capital.

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• Topics
• Greater China
• Expansion
• Consumer
• Technology
• China
• automobiles
• SIG
• BlueRun Ventures
• GGV Capital
• Sky9 Capital
• K2VC
• TMT