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Jack Ellis · · 1 min readIn brief: SoftBank Vision Fund pumps $1.5b into Chinese used-car marketplace
SoftBank Vision Fund is investing US$1.5 billion in Chinese car-trading platform Chehaoduo Group, placing another major bet on the world’s largest automobile market.
The investment values Chehaoduo, the parent of sites Guazi and Maoduo, at more than US$9 billion, a representative for the startup said.
Source: Bloomberg
The Beijing-based startup said it would use the funding to develop data and cloud-related technologies.
Japanese tech giant SoftBank and its Vision Fund have invested in a variety of automotive-related businesses, including ride-hailing unicorns Didi Chuxing, Grab, and Uber.
Chehaoduo also counts Sequoia Capital and Tencent among its shareholders. It raised US$162 million in a series C round led by Tiantu Capital in October last year.
Editing by Eileen C. Ang
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