Addor Capital has teamed up with Youjin Capital to lead a RMB360 million (US$52 million) series B round in Diyi Chedai, a Shanghai-based auto lending start-up.
Matrix Partners China, Yixin Investment Fund and 360 Finance also participated in the round, which is still on going and has not officially closed, the company said.
Previously, Diyi Chedai completed an undisclosed series A round from CITIC Group, Beijing Automotive Group, Matrix Partners and other investors in 2015. It raised RMB217 million (US$31 million) in sa eries A+ from China Growth Capital, Matrix Partners China and Youjin Capital in April 2016.
Founded in 2013, Diyi Chedai provides loans to car dealerships, car logistics companies and car rental firms. It currently operates in 80 cities in China and has recorded RMB12 billion (US$1.7 billion) in cumulative financing provided to thousands of Chinese automobile companies.