C2C used-car trading platform Guazi.com has completed a 200 million USD financing round, according to an internal letter cited by Chinese media from the company’s CEO Yang Haoyong. He added that the final size of this round is expected to reach $250 million USD at a valuation of over $1 billion USD.

In the letter, the company claims to have recorded a daily sales of 1,027 cars on March 10 with a turnover of 83.72 million RMB (around $12.9 million USD). Over the past 16 months, Guazi has entered 75 cities around the country with support from 4,000 employees, according to Mr. Yang’s internal letter.

With the new funding, the Beijing-based firm plans to expand to 120 cities in 2016, improve car valuation systems, and strengthen cooperation with more 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.