Uxin, a Chinese online used car auction company, raised US$170m in funding.
Backers included Chinese search engine Baidu, global investment firm KKR, and investment management firm Coatue.
The company intends to use the funds to expand its platform into the B2C used car market.
Founded in 2011 and led by Chris Dai, CEO, Uxin is a professional online transaction service provider for used cars. The company employs over 1,000 specialists in 50 Chinese cities, who inspect and certify the quality of used vehicles for sale on its platforms, and leverages a proprietary “CheckAuto” system and vehicle identification capabilities to ensure the quality of vehicles. Uxin also offers buyers a full guarantee, and will refund their purchase within 15 days if they discover undisclosed issues with any vehicle bought through Uxin.
Earlier this week, the company launched Uxin Used Car, a B2C platform that will connect auto retailers and used car buyers across China, at www.xin.com, and a Beta version of its mobile application for the service.
The existing B2B platform, Uxin Pai (www.youxinpai.com), already ranks as China’s largest used car auction site. In 2014, it launched Uxin Finance, which provides auto financing products to customers.