Chinese auto parts firm Casstime raises $80m from Sequoia, others

The Sequoia Capital Logo is displayed on an iPhone screen. Photo: DEALSTREETASIA

Chinese auto parts e-commerce platform Casstime has raised as much as 564 million yuan ($80 million) in a Series C1 funding found co-led by Sequoia Capital China and Source Code Capital, according to an announcement

The round also saw the participation of its long-standing investor HUA Partners. With the current round investment, the total amount of funding garnered by the Shenzhen-headquartered company stands at around $200 million.

Established in 2015, Casstime is one of the prominent players in China’s automotive aftermarket. It has a big data-driven network that integrates the industrial supply chain and claims to have connected over 1200 suppliers across 300 cities in China.

“We are focused on strengthening the capacities on technology innovation, technical infrastructure and market expansion,” said Overmars Jiang, CEO at Casstime in a company statement.

The funding raised will be used to spruce up technical research and development, enhance services to cater to a nationwide market.

“Technology is the biggest driver of change in any industry. Casstime used its leading technology to develop the biggest and most accurate database of vehicle parts in China’s aftermarket,” Nathan Fu, director at China TH Capital said.

The transaction has been facilitated by China TH Capital.

The automative aftermarket is witnessing significant growth and going forward, it is expected to outnumber the United States and become the largest market by 2020, according to Deloitte China that released China Automative Aftermarket White Paper 2019 in September 2019.

Currently, there are as many as 250 million vehicles in operation in China.

According to the white paper, the conflicts between China’s underdeveloped automative aftermarket industry and the rapid rising digital era are amongst factors that are pushing the industry to innovate. The industry is expected to witness 17 per cent growth by 2025, as compared to 10 per cent currently.

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.

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.