Haoqipei Closes Its Series D Round of Funding with USD 60 Million
The automotive components trading platform will bring the sector to a higher level of development.
On June 20, 2019, Haoqipei (好汽配), an online trading platform dedicated to transactions of automotive components, has closed its Series D funding round with an amount of USD 60 million, led by Access Technology Ventures and followed by XVC, Jeneration Capital (时代资本), DCM and SIG.
Founded in 2016, Haoqipei provides a SaaS platform as well as logistical services, connecting vehicle repair workshops and automotive components producers. The platform possesses rich information, a credit system, and a payment system. Besides, customers can have instant communication with suppliers. Briefly, Haoqipei seems like a vertical version of Taobao (淘宝), focusing on B2B business of vehicle repair.
For now, Haoqipei has expanded its business to at least 100 cities in China while earlier this year, the number was 60. Its revenue mainly comes from the service fee of the platform and logistics.
At the beginning of this year, Haoqipei closed its Series C funding round with the same amount of USD 60 million, led by Jeneration Capital, DCM and followed by XVC, SIG, Russian investor Yuri Milner, and Access Industries. So far, the company has raised more than USD 150 million.
The market of automotive components in China is not transparent enough and the distribution of resources is inefficient at present. Thus, Haoqipei’s aggregation of information is beneficial to the whole industry, accelerating much the circulation of resources. Hopefully, it will bring the sector to a higher level of development.
According to Chen Xi (陈曦), the founder and CEO of Haoqipei, the money raised will be employed in business expansion to more regions in China, meanwhile, the company has begun to prepare its overseas business.