(Yicai Global) June 6 -- Chezhibao Information Technology, the operator of second-hand car trading platform Chezhibao.com, is aiming for a five-fold increase in revenue this year after securing CNY800 million (USD125 million) in D-round funding.
Green Harbor Investment led the Beijing-based firm's financing round, contributing CNY600 million, tech news portal 36Kr reported today, while Pacific Alliance Group, Addor Equity Investment Fund Management and GOBI Investment Management also participated.
"We've made profits across the board," said Chief Executive Huang Le. "As part of our plan, we'll achieve 400 percent annual growth in both trading volume and revenue by the end of this year, and our trading volume will reach one million units within two years."
The consumer-to-business platform will use the funds to boost construction of bricks-and-mortar outlets covering 200 cities nationwide from mid-June, as well as to develop supply chain finance and set up a CNY10 billion credit extension with several banks.
The company will also set up a logistics system in cities where restrictions on moving second-hand cars have been lifted so as to make the cross-regional distribution of cars more efficient, Huang added.
Editor: William Clegg