Lightspeed invests $12m in China car after-sales platform
Lightspeed China Partners has committed $12 million to Yikuaixiu.com, a Beijing-based automotive after-sales service platform, in a Series A round of funding.
The site was launched by Zhengkun Wang, a former executive in IBM, and serial entrepreneur Jie Zhang in May 2014.
The company provides an online platform for automotive after-sales services, such as regular maintenance and repair.
In addition to forming partnerships with offline services operators, Yikuaixiu has also established a number of self-run stores.
In contrast with traditional car dealerships, the start-up aims to be more transparent and cost-effective in its offerings. It also differentiates itself from other industry peers by providing door-to-door services.
Having more than 200,000 users, Yikuaixiu currently operates four outlets. With the new funding, it plans to open an additional nine stores in major Chinese cities, according to a statement.
In December, GGV Capital led a $30 million Series B round for Yangche Diandian, a Chinese mobile app that focuses on car after-sales services.
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