SouChe operates a platform of new retail and new finance for China’s automotive industry, offering SaaS products such as DaFengChe, CheNiu and Chehang168. Its products connect more than 110,000 used-car and new-car dealers and report over 330,000 monthly active users. The platform booked transaction value of RMB60 billion in 2016 and RMB91.5 billion in the first nine months of 2017, with projected 2017 transaction value of approximately RMB150 billion. SouChe is building a new retail ecosystem with strategic investor Alibaba and auto manufacturers to consolidate online and offline channels. Supported by Ant Financial, it is expanding a new finance platform covering auto lease, auto loan, dealership loan and auto insurance; TanGeChe, co-developed with Ant Financial, has accumulated almost RMB10 billion in financial assets, covering 1,700 dealers in over 200 cities and collaborating with more than 20 major manufacturers. The company was founded in December 2012 and is deepening cooperation with Alibaba and Ant Financial to leverage internet, big data and Ant’s risk-control capabilities. Souche.com is a Hangzhou-based used car transaction platform. On Friday the company announced it had raised $180 million in a Series D financing. The round was led by private equity firm Warburg Pincus. The article notes this is Warburg Pincus’s second investment in the used-car space this year. The report does not list other participating investors, valuation, revenue, user metrics, or prior rounds. No debt instruments or additional financial terms were reported in the article.

Total raised

$515M

Funding rounds

2

Latest round

Series E

Latest activity

Nov 2017