Chehaoduo obtains additional funding of USD200m from Softbank and Sequoia Capital China

Chehaoduo (“many cars”)announced the completion of an additional financing of 200 million US dollars. The investors are SoftBank Vision Phase I Fund and Sequoia Capital China.

Chehaoduo (“many cars”)announced the completion of an additional financing of 200 million US dollars. The investors are SoftBank Vision Phase I Fund and Sequoia Capital China.

After nearly five years of development, Chehaoduo has established a nationwide business system covering the entire value chain of automobile consumer services. The three major business units of Guazi Used-car, Maodou New-car, and Chehaoduo after-sale services cover the entire life cycle of automobile consumption.

Chehaoduo achieved overall profitability of the group in Q4 2019. The fresh cash will be used for business development of Chehaoduo to achieve cost control and increase in revenue.

In addition, the financing will also focus on helping the automobile consumer service industry to recover, through the integration of resources and capabilities, to reduce the cost of second-hand car companies to resume production, stimulate consumer confidence, and achieve efficiency of the entire used car consumption process, and optimize customer experience.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/05/08/chehaoduo-obtains-additional-funding-of-usd200m-from-softbank-and-sequoia-capital-china/.

Leave a Reply

Please Login to Comment