Zhejiang-based Tianma Bearing Group Co., Ltd. and Southeast University Education Foundation have invested RMB140 million (US$20 million) in a series B+ round in Diyi Chedai, a Shanghai-based auto lending start-up.
The investment came just one month after the company raised RMB360 million (US$52 million) in a financing round led by Addor Capital and Youjin Capital in January, bringing its fundraising total to RMB500 million (US$70 million) year-to-date.
Founded in 2013, Diyi Chedai provides loans to car dealerships, car logistics companies and car rental firms. It currently operates in 80 cities in China and has recorded RMB12 billion (US$1.7 billion) in cumulative financing provided to thousands of Chinese automobile companies.
Previously, the company received an undisclosed series A round from CITIC Group, Beijing Automotive Group, Matrix Partners and other investors in 2015, and RMB217 million (US$31 million) in series A+ from China Growth Capital, Matrix Partners China and Youjin Capital in April 2016.
The company plans to use the proceeds to expand its platform, merge its online services with offline services, and improve its financial products and services.