Beijing-based used-car online auction platform Youxinpai has raised US$260 million series C round of financing led by private equity firm Warburg Pincus and New York-based investment firm Tiger Global Management LLC, according to a company announcement.
Other undisclosed investors also participated in the round.
Youxinpai provides second-hand car auction services in 365 cities in China, and operates six Brick and mortar auction facilities. It claims it has close to 15,000 second-hand car dealers using its services.
The automobile sector has attracted enormous venture investments in China. In July, another Beijing-based online platform for second-hand car YouChe.com received US$10 million in series A financing led by IDG Capital.
In February, second-hand car trading platform Cheyipai received US$50 million in series C funding led by Sequoia Capital.