Sequoia Joins $180M Round Chinese Car Trading Platform Chehaoduo

Chinese used car and new car trading platform Chehaoduo, a unicorn listed in China Money Network’s China Unicorn List with US$1 billion valuation, has raised a US$180 million series B+ round.

Investors include DST Global, Capital Today, Bank of China Group Investment Ltd, Sequoia Capital China and H Capital participated in round. The company did not disclose how much it was valued in this latest round.

Chehaoduo is formed by integrating its two brands, used car trading platform and new car e-commerce platform Maodou, into one. The company has raised a total of nearly US$600 million in its series B round, including a US$400 million funding round raised by Guazi this June.

Founded in 2015, Chehaoduo offers used car and new car trading services, car appraisal, vehicle financial services and insurance. Its brand Guazi currently operates in over 200 cities in 30 provinces in China, and recorded total transaction value of over RMB100 million (US$14 million) this March.

The other brand Maodou, a new car e-commerce platform which also offers installment payment solutions for customers purchasing new vehicles, was launched in September. The platform currently covers 33 major cities in the country.

To date, Chehaoduo has raised a total of US$900 million via four rounds. In June, it raised a US$400 million series B round from investors including Sequoia, H Capital, CMB International, Matrix Partners China and BlueRun Ventures.

In September last year, it raised US$250 million series A round from Matrix and BlueRun. Prior to that, it also received a US$60 million angel round from unnamed investors.

The firm plans to use the latest proceeds to expand Guazi platform’s business, as well as develop new car leasing business.