Tencent-backed used car auction platform Tiantian Paiche secures $100m

Photo: Pexels

Tiantian Paiche, a Shanghai-based used car online platform that counts Tencent among its early backers, has raised $100 million from Autohome, an online portal for automobile consumers in China.

On its Wechat account, the company said Autohome was the sole investor in the corporate round. The investor has also obtained the right to invest an additional $65 million in the form of convertible notes, which can be redeemed within three years from the completion of this funding round.

Tiantian Paiche, founded in 2015 with a customer-to-business model, said it will use the proceeds of the latest funding round for business expansion, including in the used car retail and financing services spaces.

The latest round brings Tiantian Paiche’s total funds raised to date to $353 million. In 2017, the company raised $180 million in a Series C round backed by Tencent, SIG and SB China Venture Capital, among others.

Tiantian Paiche claims to have served over four million used car sellers on its platform, with a monthly transaction volume of over 10,000 used cars sold through its online channels.

The investor, New York-listed Autohome Inc, claims to be the leading online destination for automobile consumers in China. It provides user-generated content, an automobile library, and automobile listing information to consumers, covering the entire car purchase and ownership cycle.

Tiantian Paiche’s $100-million fundraising was announced a day after another Chinese used car online auction startup, Chezhibao, announced raising $125 million in its Series D funding round.

In May, Chinese used car trading platform Uxin Limited filed for an IPO in the US, targeting to raise up to $500 million to boost service capabilities and fund potential investments and acquisitions.

China is the world’s second-largest automotive market as measured by registered vehicles and is forecasted to become the largest automotive market by 2023, according to global research firm iResearch.

As of the end of 2017, there were approximately 185 million registered vehicles in the country, compared with 275 million in the US.

Total used car transaction volume in China reached 12.4 million in 2017, with the ratio of the country’s used car sales to new car sales by volume at 0.5 per cent, significantly lower than 2.4 per cent in the United States.

Also Read:

Gobi-backed Chinese used car auction platform Chezhibao raises $125m

Goldman Sachs to lead $300m round for Chinese used car platform Renrenche

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.