China auto after-sales services platform raises $60m Series C
Diandian Yangche, a VC-backed mobile app that focuses on automotive after-sales services in China, has raised a $60 million Series C round of funding from undisclosed investors.
Previously known as Yangche Diandian, the app secured a $30 million Series B round led by GGV Capital in December last year. Prior to that, the start-up received $4 million in Series A round.
Hangzhou-based Diandian Yangche was launched in March and connects car owners with offline auto after-sales services providers. Car owners can post their required services through the app and companies compete on price for the business.
The start-up provides RMB1 car-washing service for all car owners in order to expand its user base. At present the company has more than one million commercial car service shops from 30 Chinese cities operating on its platform, as well as attracting five million customers. It claims to receive more than six million services orders every day.
Recently Diandian Yangche launched an online insurance service for car owners. In a statement the firm said that it plans to use the new funding to "revolutionize" its business model and hire more staff.
Three months ago, Keytone Ventures led a $20 million Series A round for Chemayi, a Chinese auto after-sales service platform, followed by existing investor Morningside Technologies. Chinese auto repair start-up Kalading also raised a $10 million Series A led by China Broadband Capital, with participation from Gobi Partners and Geek Partners.
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