Automobile Aftermarket Company Casstime Completes More than 200Mn D2&D3 Round Financing

Automotive Author: Yunfeng Zhang Sep 14, 2023 04:24 PM (GMT+8)

EqualOcean has learned that Casstime (Chinese: 开思), an automotive aftermarket industrial Internet company, has completed two rounds of financing, D2 and D3, totaling CNY200 million. According to public information, Casstime has received financing from several top investment organizations.

With the rapid development of China's automobile industry, the brand competition pattern is "shuffled"?

Founded in 2015, Casstime is an auto aftermarket technology company dedicated to building the industry's digital infrastructure and establishing the industry's service standards and credit system. Its business covers one-stop auto parts trading platform "Casstime Auto Parts", digitized auto parts procurement platform "Casstime Collection", and digital auto parts collection platform "Casstime Collection". Its business covers the one-stop auto parts trading platform "Casstime Auto Parts", digital auto parts collection platform "Casstime Collection and Matching", intelligent workshop management system "No.1 Workshop", supply chain finance and so on.

When Casstime was founded, it started from the whole auto parts segment. Compared with maintenance parts and high-frequency wear parts, the overall capacity and complexity of whole auto parts are higher, which is more suitable for aggregation by Internet thinking to improve the efficiency of the whole industry chain.

Casstime started from Casstime Auto Parts (B2b), which connects auto parts dealers and maintenance factories, to last year, when it began to focus on transactions from OEMs, brands and factories to the Big B end, i.e. the Casstime Collection and Distribution (F2B) collection and purchase trading platform, Casstime's two closed loops of transactions, B2b and F2B, have been built.

The digitized base built by Casstime simultaneously carries the core functions of big data, AI, and financial risk control. At this stage, Casstime has more than 7,000 high-quality suppliers on its platform, and its business has expanded to 376 cities nationwide, with more than 3 million vehicles serviced per month. At present, Casstime has covered more than 250,000 head repair shops, and the total number of social repair shops is about 560,000, which means that Casstime has served nearly half of the repair shops in the country.

"At present, China's new energy vehicle ownership has reached 16 million, and the demand for after-sales maintenance will increase. For example, the air-conditioning compressor of the small three power, because new energy vehicles have thermal management needs, so the use of time in new energy vehicles will be six times more than fuel vehicles, the likelihood of problems will also be greater. These kinds of problems have already begun to be exposed in new energy online cars with longer mileage, and private cars will also have more after-sales problems as their age increases". Casstime CEO Jiang Yongxing said in a media interview.

Compared with the front end of the car, the auto spare parts market has not received much attention at present, but with the increase in car ownership and the acceleration of the penetration rate of new energy vehicles, the auto spare parts market will form a new growth pole in the auto industry chain.

Public information shows that the investment institutions of this round of financing include Wuhu New Energy Vehicle Investment Fund (Chinese: 芜湖信银资运新能源汽车产投基金), Mangrove Capital (Chinese: 沣源资本), VLight Capital (Chinese: 光跃资本) and Shenzhen High-tech Investment Fund (Chinese: 深圳高新投).