BEIJING – Renrenche, one of the online used car dealers, announced on September 5 that it has completed D-round $150 million in financing.
The new investors include Hanfor Capital, China Minsheng Investment Group (CMIG), Xinjun Capital and Prometheus Capital. Moreover, strategic investors Tencent, Shunwei Capital, Ceyuan Ventures and Redpoint Ventures all added investments in Renrenche.
Apart from this, Renrenche has received three rounds of investment already, and by July this year, its monthly used car trade volume had surpassed 18,000 units with total trade volume surpassing 200,000 units since its establishment in April 2014.
According to data from QuestMobile, in the first seven months of this year, total use time of Renrenche APP was 60.9 percent ahead of the second player in the used car industry
Li Jian, CEO of Renrenche, said that Renrenche has established a used car service system through the “open ecology” and its operation has also been expanded from used car transaction to vehicle financing, aftersales service as well as new car sales.
In August, Renrenche cooperated with Tuanche.com and announced at the same time that it will invest ¥200 million ($30.77 million) in the establishment of 1,000 offline service shops.
In terms of financing, Renrenche collaborated with Ping’an Bank, WeBank and others. It also targets to issue ¥10 billion vehicle loans next year.