JD Capital-invested Mychebao Finishes 3rd Round of Financing
2017-03-20
Recently, Mychebao, an e-commerce platform for used cars, announced that it has raised nearly 100 million USD in the third round of financing. The second round was led by the VC Fund ran by JD Capital in 2015.
Mychebao was established in 2012. It sells used cars under the C2R mode on a well-structured O2O e-commerce platform. The company provides one-stop auction services of used cars for dealers, operators, enterprises and car owners of various large domestic automobile manufacturers, including on-site detection, website auction, safety payment and after-sale service.
Up to date, Mychebao has business in 15 cities and trades over 10,000 cars a month. It has realized group-scale profits depending on its core competitiveness such as long-distance distribution. Cross-region transactions account for over 50%, with tens of thousands of signed car dealers in over 200 cities. In November 2016, the company already had over 300 cooperators along the industrial chain.
As for the “Internet Plus” model of the automobile post-market, JD Capital believes that “Internet Plus” can lessen information asymmetry, reduce intermediate links, and narrow the differences in location, habit, and non-standardized product and service. It is able to create a closed business loop so as to guarantee customer experience in service, product, transaction and payment.
Such auction platforms for used cars built on the internet will create an entrance for the entire used car market. By allowing individual sellers to sell used cars, Mychebao holds a pass to the transaction market, and will thus be able to build a comprehensive platform comprising financing, insurance, maintenance and repair for used cars.
Attachment: Financing history of Mychebao
● September 2014: Finish the 1st round of financing, led by Gobi Venture Capital.
● August 2015: Finish the 2nd round of financing, led by JD Capital and Addor Capital, followed by Gobi.
● March 2017: Finish the 3rd round of financing, led by PAG.