(Yicai Global) Oct. 17 -- Chehaoduo Group has secured USD162 million in C+ round financing bringing the Chinese online auto retailer's valuation to USD6.6 billion.
The latest funding brings total C-round financing to USD980 million, the Beijing-based firm said in a statement, adding that Tiantu Capital has come on board as a new investor and previous participants DST Global and Novich Venture Capital again contributed funding.
Chehaoduo, meaning "lots of cars" in Chinese, leads the country's auto sales platforms in terms of developmental funding with USD2.3 billion raised over the past three years.
The company will use the funds to develop its new retail business including the construction of brick-and-mortar direct sales stores for its Guazi used car platform and Maodou new car retail service. The firm aims to establish some 100 Guazi stores in 100 cities in the country as well as 300 Maodou outlets covering 200 cities. It will also invest in big data, artificial intelligence and smart devices related to its new retail business.