(Yicai Global) Nov. 1 -- The developer of Chinese customer-to-customer (C2C) used car trading platform Guazi has renamed itself Chehaoduo Group and announced that it raised close to USD600 million in its series B round of financing.
The group said yesterday that after integrating existing businesses, it will run Chehaoduo Second-Hand Motor Vehicle Dealers (Beijing) Co.'s Guazi as well as Chesupai Network Technology (Beijing) Co.'s Maodou as its wholly-owned subsidiaries, adopting a dual brand strategy.
The firm brought in more than USD400 million in June in its series B round, and another USD180 million in its series B+ round last month. Three new investors -- DST Global, Capital Today and Bank of Group Investment Ltd. -- led the recent round, and existing shareholders such as Sequoia Capital China and H Capital acted as 'secondary investors,' 36Kr.com reported.
Chehaoduo Group has received payments from all the investors, and will use the money to develop Guazi's businesses and ramp up new car businesses through financial leasing, said Yang Haoyong, the firm's chief executive and founder of the two platforms. The group will equally divide capital and resource investments between Guazi and Maodou, Yang said.
Guazi and Maodou operate independently from one another within the group. Guazi specializes in used car trading, evaluation and inspection, pricing, auto finance, insurance and warranty services. Founded last month, Maodou is a car rental and retail platform. It has partnerships with more than 20 auto brands and operations in 33 major Chinese cities.
Chehaoduo Group's USD60 million angel round, USD250 million series A round and nearly USD600 million series B round have help the company rake in about USD900 million in backing.