Tiantianpaiche received US$100 million in C1 round financing and will expand into finance
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On November 21, the used car online auction platform Tiantianpaiche announced that it had completed a US$100 million C1 round of financing. Investors include Industrial Bank Asset Management, Gundam Investment, Yiche, Tencent, Softbank China and Sustainability Asia. Wang Weiwei, founder and CEO of Tiantianpaiche, said that the funds from this round of financing will be mainly used to expand the market, enhance standardized operation capabilities and improve user experience. While consolidating the existing market, it will accelerate the development of cross-regional circulation transactions across the country, and will focus on the entire industry chain including finance and new cars to create a new automobile consumption ecosystem. Tiantianpaiche is an online second-hand car auction platform established in 2015. It connects individual car owners and car dealers nationwide through the Internet, aiming to provide one-stop second-hand car trading services such as free testing, online bidding, door-to-door transactions, and package formalities for both parties of the platform online and offline. The main auction process is door-to-door testing - car source listing - online bidding - transaction transfer. In addition, according to its introduction, Tiantianpaiche has an online operating system independently developed and designed based on 44 business scenarios (including online channel systems, sales information systems, rapid response systems, testing distribution systems, standard testing systems, real-time bidding systems, etc.), and through extended services such as selling old and buying new, second-hand car finance, auto insurance, and extended warranty, it creates a new automobile consumption ecosystem and provides more diversified and three-dimensional automobile re-consumption transaction services for users across the country. So far, the team has more than 1,000 people. According to Tiantianpaiche, it has solved two pain points for users: selling fast and selling at a high price. Individual car owners do not need to contact multiple buyers to compare prices. After the car is put on the shelf, it can be sold to more than 50,000 second-hand car dealers nationwide at one time. The highest bidder will get the right to buy, and the car can be successfully sold within one day at the fastest. In addition, offline transaction service centers have been set up in more than 20 cities across the country, covering major cities with active second-hand car transactions. The monthly transaction volume will exceed 10,000 vehicles, and it is planned to continue to add offline transaction service centers to about 40 next year. It is expected that the annual transaction volume in 2017 will reach more than 300,000 vehicles, and the annual transaction volume is expected to exceed 1 million vehicles in three years. Wang Weiwei, founder and CEO of Tiantianpaiche, was formerly the CEO of 51auto.com, an online used car trading platform. Tiantianpaiche was previously an internal incubation company of 51auto.com. After independent operation, under the leadership of Wang Weiwei, Tiantianpaiche successfully won the favor of investors such as Bitauto, Tencent, Softbank China, and Susquehanna Asia. It took her more than a year to make Tiantianpaiche achieve a breakthrough from 0 to 1. In September 2015, Tiantianpaiche announced that it had received US$73 million in A+B rounds of financing from Bitauto, Tencent, Softbank China, and Sunet Asia. Its new C1 round investor Industrial Bank Asset Management (a professional platform for Industrial Bank and Industrial Bank Trust to carry out private equity investment and related asset management businesses) said that China's used car market is about to usher in explosive growth, and the first-mover advantage will gain a leading advantage. Tiantianpaiche is in line with its investment philosophy in many aspects such as business model, financial scenario, operational capabilities, and growth potential. In addition, Gaoda Investment, another new investor in this round of financing of Tiantianpaiche, said that the market is gradually returning to rationality, and investors are more focused on whether the business model of the company has returned to the essence of the business. The development speed of Tiantianpaiche and the focus and professionalism on the projects it operates are the main reasons for choosing Tiantianpaiche. (Gaoda Investment is a private equity investment institution focusing on investing in and acquiring growth companies. Its main investors include Queensland Investment Corporation of Australia, European pension funds, family offices, etc. In the domestic market, Gaoda Investment mainly focuses on TMT, medical health, consumption and education. The projects it has invested in include Didi Chuxing, Meituan Dianping, Blue City Testing, JD Finance, Himalaya, Supercell, etc.) As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity. |
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