Online car hire and purchase platform Chehaoduo is has raised $818mn in its latest funding round, led by tech giant Tencent.
The company started out as Guazi, a platform for users to trade second hand cars. However, upon rebranding last year, it added a new online car sale offering which not only allows new vehicles to be sold but also provides access to auto industry services in general.
This is part of a wider trend of platforms linking car buyers, sellers, dealers and services online. Competitors currently include auto financial service start-ups Renrench, Chezibao, Uxin, Che300 and Tiantianpaiche, all serving the world’s largest car market.
Tencent is therefore keen to invest in this growing area.
The round was Series C for the company, and also included investment from ICBC International, Yungfeng Capital, Singaporean sovereign fund GIC among others. The company already had investment from Sequoia Capital, H Capital and DST Global who invested further in this round.
Chehaoduo’s previous round was in October and raised $180mn, following $400mn in June.