Chinese used car trading platform Guazi snags funding


Guazi.com, a China-based used car trading platform, has secured an undisclosed amount of funding. The investors were Matrix Partners China and Blue Run Ventures.

PRESS RELEASE

BEIJING, Sept. 28, 2016 /PRNewswire/ — 58.com Inc. (NYSE: WUBA) (“58.com”), China’s largest online marketplace serving local merchants and consumers, today announced that Guazi.com Inc. (“Guazi”), the Company’s minority-owned market-leading consumer-to-consumer (C2C) used car trading platform, recently closed another round of equity financing from Matrix Partners China and Blue Run Ventures. Following the closing, 58.com holds a 34% stake in Guazi on a fully diluted basis.

Guazi is a rapidly growing, market-leading C2C used car trading platform which directly links individual car sellers and buyers. Guazi expects used car transaction volumes to grow rapidly and is expanding into transactional services. Guazi plans to invest in enhancing its brand image, upgrading its technology and strengthening its used car and auto-industry partner network. With a strong focus on technology and efficient management of its sales channels, Guazi offers an exceptional customer experience that helps create the industry standard.

Mr. Michael Jinbo Yao, Chairman and CEO of 58.com commented, “This new round of financing will allow Guazi to solidify its market leading position, strengthen its used car network and increase its topline growth. 58.com is committed to finding new and creative ways to support Guazi as it expands its innovative online used car business and develops new business models.”

About 58.com Inc.
58.com Inc. (NYSE: WUBA) operates China’s largest online marketplace serving local merchants and consumers, as measured by monthly unique visitors on both its www.58.com website and mobile applications. The Company’s online marketplace enables local merchants and consumers to connect, share information and conduct business. 58.com’s broad, in-depth and high quality local information, combined with its easy-to-use website and mobile applications, has made it a trusted marketplace for consumers. 58.com’s strong brand recognition, large and growing user base, merchant network and massive database of local information create a powerful network effect. For more information on 58.com, please visit http://www.58.com.

Find new deal opportunities, super-charge your fundraising efforts and track top managers with VCJ. Get your FREE trial! Or subscribe now!