BEIJING, March 2, 2015 /PR Newswire/ — China’s largest used car e-business trading platform Cheyipai announced that it has completed a new round of financing valued at $110 million. Renren Inc. (NYSE: RENN) was the lead investor of this D-round financing with secondary investors Sequoia Capital, Matrix China, Morningside Ventures and CITIC Capital. The sole financial adviser was Hina Group.
Founded in 2006, Cheyipai has now become China’s used car trading platform with the largest number of transactions. With a strong technical foundation and an expansive nationwide car dealer network, Cheyipai has created a unique service capable of being able to "sell a used car anywhere across the country within 15 minutes," providing used car owners with quick and efficient platform for getting their car sold. By the end of 2014, more than 500,000 used car sale transactions had taken place on the Cheyipai platform.
Cheyipai has created a new ecosystem based on applying the online to offline (O2O) model to the sale of used cars. Leveraging the "268V" inspection technology which is proprietary to Cheyipai, the used car platform has trained and continues to train the inspection team through its "268V" inspection institute. So far, Cheyipai has built an 800 person-strong inspection team deployed throughout the country, able to provide designated location and on-site testing services to potential used car owners. During 2014, Cheyipai developed a technology-based solution for the used car industry and aggressively expanded its service network across the country. Cheyipai has now built four operation centers strategically located across the country to maximize geographical reach and set up dozens of secondary service centers as well as established a sales network covering more than 300 cities nationwide.
Cheyipai plans to further strengthen its offline services throughout the country by continually recruiting new inspectors and improve the training provided to all inspectors in an ongoing move to constantly perfect its inspection and after sales services. The company also plans to strengthen professional cooperation at all levels across the industry. "The goal of Cheyipai is to make sure that there is no used car in China remains unsold and make it easier for anyone and everyone who wants to own a car to be able to achieve that dream," said Yang Xuejian, CEO of Cheyipai.
Review of Cheyipai Financing:
- Round-A financing, 2011, amount of financing: $5 million investor: Morningside Ventures.
- Round-B financing, March, 2013, amount of financing: $20 million investor: Matrix China.
- Round-C financing, Feb. 14, 2014, amount of financing: over $50 million investor: led by Sequoia Capital with secondary investors Matrix China and CITIC Capital.
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