|Phenny Lynn Palec |||Sep 07, 2016 10:48 AM EDT|
(Photo : Getty Images) Used cars are displayed on a sales lot in San Francisco, California.
RenRenChe, an online used car marketplace based in Beijing, recently announced that it has received more than $150 million in a new round of funding. RenRenChe received support from several investors including China Minsheng Investment, Prometheus Capita, Xinjun Capital, and HanFor Holdings. Existing investors like Redpoint Ventures, Sunwei Capital, and Ceyuan Ventures also joined in the latest funding round.
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According to China Tech News, RenRenChe was launched in April 2014. Since its initial launch, RenRenChe claims that it has been able to facilitate more than 200,000 used car transactions. In July, the company said that it was able to complete 18,000 transactions.
Less than a month ago, RenRenChe entered a partnership agreement with Taunchewang. The partnership would allow RenRenChe to create 1,000 offline automobile service centers to make its service available to the broader public, not just the online community. RenRenChe is also cooperating with Weizhong Bank, and PingAn Bank to facilitate auto loans for its users.
Despite RenRenChe's success in the online used car market, the company's market share is being threatened by both old and new players. Ride sharing giant Didi Chuxing recently expanded into the platform. Also, Guazi, an online used car trading platform owned by 58.com, recently closed a funding run amassing more than $204 million in capital. Due to the highly competitive nature of the market, no clear leader has so far emerged although some are speculating that with the entry of Didi Chuxing in the market, the company would emerge as the most dominant.
Before the recent funding run. RenRenChe received $85 million in a round of funding led by Tencent Holdings in August 2015. RenRenChe is currently valued at $500 million.
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