Online auto seller Chehaoduo secures $1 billion from Softbank Vision Fund

Chehaoduo Group, parent company of Chinese online used car platform Guazi, announced on Thursday it raised $1.5 billion in a fresh round of funding from Softbank Vision Fund, the Japanese tech giant’s mega venture capital arm. This latest round values the company at $9 billion.

“Having leveraged the latest innovations in data-driven technology, Chehaoduo established China’s leading car trading platform through the Guazi brand,” Eric Chen, Partner for SoftBank Investment Advisers said in announcement.

The Beijing-based startup secured $818 million in a Series C led by Chinese internet giant Tencent in March 2018. This was followed by another $162 million raised in a Series C+ round of financing seven months later. Backers so far include private equity firm IDG, Sequoia China, and Jack Ma’s YF Capital.

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