Chehaoduo Group, the China-based parent company of Guazi.com & Maodou.com, raised $1.5bn in funding.
The SoftBank Vision Fund made the investment.
The company intends to use the funds to invest in technology to develop new products and services, expand its marketing capabilities and open offline stores to enhance new business activities.
Led by Mark Yang, CEO, Chehaoduo is a platform for integrated automotive retail services in the used car sector. The group combines in-depth big data analytics and artificial intelligence technology to implement standardized evaluation and intelligent pricing mechanisms for China’s fragmented and unregulated used car market. Furthermore, through continuously innovating across its product, service, and data platforms, the group has reduced barriers to purchase a new car for consumers as well. This includes creating new models in down payment purchasing, establishing closed-loop integrated automotive services of used car, new car and after-market services via over 600 physical stores, and building a new data-driven retail eco-system.