Warburg Pincus LLC has led a US$180 million series D round in Souche.com, a Hangzhou-based used car transaction platform. It is Warburg Pincus' second investment in the Chinese used car space so far this year.
ClearVue Partners, Morningside Venture Capital, CreditEase New Financial Industrial Fund, Hong Kong-based Haitong International Securities Group Ltd. and a number of unnamed investors also participated in the round, according to Chinese media reports.
Founded in 2012, Souche.com provides transaction, marketing and business management services to used car dealers. Its SaaS (Software as a Service) system, which connects 80% of Chinese used car dealers, helps them enhance operational efficiency and connect with each other.
Last year, it launched a new product named Tangeche that allows car buyers to make a 10% down payment instea...
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