(Yicai Global) May 31 -- Lechebang.com, a Chinese '4S' e-commerce platform for aftermarket car maintenance, has bagged CNY300 million (USD44 million) in B-round financing.

The lead investor in the round is Grand Flight Investment Management, with capital also coming in from Cathay Sino-French Innovation Fund and the company's original shareholders, Sequoia Capital China, Joyson Electronic [SHA:600699] and Vertex Ventures China.

China introduced the 4S car dealership system in 1989, it stands for sales, spare parts, service and surveys. Its development boomed between 2004 and 2014 but since, the dealership model has faced challenges brought about policy changes excessively quick expansion, leading to too much competition.

The company also unveiled plans to set up a wholly-owned subsidiary, Zonghui Auto, which will run 4S stores for other companies.

"Proceeds from this round of financing will mainly be used to accelerate the development of the maintenance sector, attract more internet and automotive talent, help city expansion, improve customer service and enhance market dissemination," said Lin Jinwen, chief executive of Lechebang.com."

Over the past two years, the company has received more than CNY500 million in financing. Following this round, the firm plans to move into 55 cities before year-end to solidify its position as the largest online 4S shop for repairs and maintenance in China. It currently has over 10 million registered users and almost 3,000 partnered 4S shops covering 24 cities.

The platform's core business model is integrating idle repair stations in automotive 4S stores to provide quality, cost-effective and standardized pure services, such as repairs and maintenance, sheet metal painting and cleaning, as well as one-stop services like refueling, ensuring cars are road legal, cleaning and parking.

Lechebang has partnered with 175 internet platforms, such as Baidu Map, Baidu Nuomi, QQ Auto, Alibaba Group Holding Ltd. [NYSE:BABA], JD.Com Inc. [NASDAQ:JD], Dianping, 58.Com Inc. [NYSE:WUBA] and Didapinche, to obtain online portals for its products.