Asian alternative investment management firm PAG has led a US$100 million series C round in Chinese used-car online auction platform Chezhibao, the company announced today.
In perhaps a precursor to a wave of mergers and acquisitions in the used-car trading space expected by many industry watchers, Chezhibao said it had made a strategic acquisition of Youyiche, a shanghai-based middle and high-end secondhand car trading platform.
The merged company will operate under the brand of Chezhibao, and aims to provide services in over 50 cities this year.
There are at least four or five major used-car online trading platforms in China with significant venture funding and out-sized ambitions to dominate the market.
In January, Uxin Group received US$500 millio...
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