Beijing-based second-hand automobile trading platform Cheyipai has received US$50 million in series C funding, according to an announcement made on the company’s official Weibo account.
Cheyipai, which means "cars easy to auction for" in Chinese, previously received US$5 million series A funding from Morningside Ventures in 2011, and US$20 million series B funding from Matrix Partners in March 2013.
The company says it will use the proceeds on improving its online to offline (O2O) services and expanding its service network in China.
Founded in 2006, Cheyipai provides secondhand car trading information and standardized car testing services.
Cheyipai claims that its sales volume in 2013 reached RMB5 billion ($825 million), increased 500% than a year ago. The company currently has users of nearly 5,000 secondhand car dealers in over 100 cities in China.