Chinese Auto Retailing Platform Huasheng Haoche Secures $210M Series D Round

Chinese car trading platform Huasheng Haoche raises US$210 million series D round of financing, led by Grescent Group, participated by Goldman Sachs, announced the company in a statement.

Other existing investors, JD Financial and Frees Fund, also followed in the round.

Founded in May 2015, Beijing-based Huasheng Haoche provides an integrated service platform for new car sales and auto services.

The firm also operates a car rental services, automotive finance and insurance products by cooperating with insurance companies and banks in China.

The auto retailer has set up 400 sales stores across the country to complement its e-commerce site, mobile applications and WeChat services and its own warehousing logistics system, which includes 25 central warehouses in Chongqing, Lanzhou and other Chinese cities, according the data on the company’s website.

Previously, the company received a RMB30 million (US$4.32 million) angle round from Frees Fund and a series A round of funding from JD Financial.

Recently, some similar car new retail platforms, focusing on auto sales, auto rental, auto finance and other services, such as SouChe,Tangeche and Miaotaiche, emerge on the market.

The proceeds will be used to expand offline stores, optimize the company’s operational efficiency, and exploring and incubate new businesses, said Ma Xiaojun, founder of Huasheng Haoche.