Chinese growth capital investment firm Pagoda Investment, Tencent Holdings Ltd., Bitauto Holdings Ltd., SB China Capital (SBCVC) and SIG Asia Investments have invested US$100 million in a series C funding round in used car online auction platform Tiantianpaiche, according to Chinese media reports.
The company will use the proceeds on market expansion, services improvement, as well as adding financial services and new car sales to its existing platform.
Shanghai-based Tiantianpaiche primarily focuses on online used car auctions between buyers and sellers directly, cutting out dealers in the process, a business model facing great challenges, in particular used car conditions and assessment.
Guazi.com Inc., Tiantianpaiche's bigger rival, has a similar business model. Guazi.com raised over US$450 million this year after founder of Ganji...
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