Chinese Automotive Service and Media Platform Bags USD15 Million in Latest Financing Round
Zhang Xia
DATE:  Sep 20 2017
/ SOURCE:  Yicai
Chinese Automotive Service and Media Platform Bags USD15 Million in Latest Financing Round Chinese Automotive Service and Media Platform Bags USD15 Million in Latest Financing Round

(Yicai Global) Sept.20 -- Guangzhou Iyourcar Information Technology Co., a mobile internet company specializing in the automotive aftermarket, has completed USD15.38 million (CNY100 million) in financing as part of its plans to transition to a content, technology and e-commerce platform, online media outlet 36Kr reported on Sept. 19.

The company will also use the funds to expand its Beijing branch and fund technology upgrades, content creation, dealership membership and e-commerce related businesses.

Iyourcar, which is also a Big Data marketing service provider, has established itself as one of the most influential and reputable new media outlets in China with daily readership of more than 50 million, said Xu Chenhua, general manager.

The firm currently operates more than a dozen advertising businesses including advertorial and video content, he added. Its goal is to become the number one new media organization in the auto market.

Iyourcar currently operates two mature businesses in advertising and auto parts e-commerce. Operating income is expected to reach USD30.76 million (CNY200 million) this year, with each business segment chipping in roughly 50 percent.

The firm will focus on creating an auto business ecosystem and developing the feature advertising business based on mini apps going forward. Mini apps are more user-friendly than existing auto apps, do not require downloads, and offer an effective solution to connect users, vehicles, scenarios and services, Xu said.

They also represent a light reading model in which readers no longer need to follow WeChat public accounts, enabling the creation of complete vertical content ecosystems that can replace existing apps.

The average amount of time that readers spend on Iyourcar mini apps each time they open an app exceeds 10 minutes, a key criterion for distinguishing immersive reading experiences.

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Keywords:   FINANCING,Fund,Small Routine,Mini Apps