Cheyipai, a leading domestic second-hand car trading platform, announced on its microblog today that the company secured $50 million of capital injection led by Sequoia Capital and followed by Morningside VenturesMatrix Partners, and CITIC Capital (source in Chinese). The fund will be used to optimize the user experience and establish service networks all over the country.

Founded in 2009, the company’s core technology is a normalized used car detection and valuation system 268V, which is developed by its cofounder Wang Tiezhong. The cars on the platform are sold to overall 163 cities countrywide.

Cheyipai charges used car valuation fees from sellers, and transaction-based and other commissions from buyers. A percentage of commissions will go to its 4S store partners.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.