Didi Chuxing invests $200m in Chinese used car platform Renrenche

China’s ride-hailing app operator Didi Chuxing has tapped into the used car business by injecting $200 million into a Beijing-based second-hand car trading platform Renrenche, according to media reports

Along with the investment, the third largest used-car trading platform will also benefit from accessing Didi’s huge network of customers and selling through Didi’s apps, potentially reaching more than 15 million drivers including taxi drivers, Uber drivers and designated drivers.

Renrenche is backed by internet giant Tencent and venture capital firms including Shunwei Capital. It raised a $150 million series D financing round joined by Prometheus Capital and China Minsheng Investment last September.

Meanwhile, its competitors including Uxin Group, Guazi.com and Souche.com have also raised $500 million, $250 million and $180 million, respectively, this year.

Li Jian, co-founder and CEO of Renrenche told local media that demand for used cars is higher than supply. Therefore, the strategic partnership with Didi will give it a huge edge in terms of resources.

The latest funding will be used to speed up its strategic expansion. Renrenche currently operates in over 80 cities across China and has more than 100,000 used cars on its platform.

Also read:

Prometheus, China Minshend leads $150m funding round in RenRenChe

SAIC leads $29m series C round in Chinese used car platform Che300

China’s JD.com invests $100m in Indonesia’s Go-Jek amid SE Asia push

 

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.