Sequoia leads $50m round for second-hand car platform Cheyipai

The latest round of financing, which was completed in only two-and-a-half months, is said to be the largest ever seen in China's vehicle e-commerce segment. The fresh capital will be used to optimize online-to-offline (O2O) service experience and accelerate expansion of the company's national network, according to a statement.

Founded in 2009, Cheyipai finalized the standardized system - 268 V - for evaluating the performance of second-hand cars and adopted an O2O e-commerce model for running the business.

Annual turnover jumped from RMB1 billion ($164 million) in 2012 to RMB5 billion last year, and it is expected to reach $1 billion in 2014. Cheyipai claims that one out of every 50 second-hand vehicles sold in China passes through its platform.

Used car sales in the country are expected to reach 10 million this year and exceed 20 million by 2020, according to the China Automobile Dealers Association.

The company secured $5 million in Series A funding in 2011 and $20 million Series B round last year, AVCJ Research shows.

Hina Group acted as the financial sponsor at this transaction.

 

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• Topics
• Greater China
• Venture
• Consumer
• China
• Consumer
• Sequoia Capital
• Morningside Technologies
• Matrix Partners
• CITIC Capital
• Venture
• e-commerce