Cheyipai, a Chinese e-commerce firm for second-hand vehicles, completed a US$50m round of financing.
The round was led by Sequoia Capital, with participation from existing investors Morningside, Matrix Partners, and CITIC Capital.
The company intends to use the funds to optimize the service experience and accelerate expansion of its national network.
Cheyipai is a a vehicle e-commerce firm that provides a standardized system for evaluating the performance of second-hand vehicles. The company, which adopts an online-to-offline (O2O) e-commerce model for the complete transaction process, had an annual turnover of 5 billion yuan (approx. US$820m) in the last year.
FinSMEs
17/02/2014