Automotive Author: Qasim Khan Jun 10, 2021 12:25 PM (GMT+8)

The Chinese e-commerce company that provides consumer-to-consumer services via its web portal for buying and selling used cars is now valued at about USD 10 billion.

Car group

According to Chinese media channel Sina News, Guazi (locally known as Chehaoduo), announced the completion of a USD 300 million round, backed by huge names such as H Capital, Sequoia Capital China and IDG Capital.

The support of policies and regulations, the improvement of payment, logistics and after-sales guarantees have promoted the rapid development of consumer e-commerce. In recent years, government policies – such as the abolition of restrictions on the removal of second-hand cars and the implementation of rapid online info transfer – have accelerated the development of automobile e-commerce. 

Yang Haoyong, CEO of the firm, said that "auto trading has entered a new stage of e-commerce development. We will continue to focus on users, building capabilities to provide better products and services and empower the entire industry with these capabilities and standards, accelerating the transformation of user experience in the automobile industry."