Alibaba joined new and returning investors to back the aftermarket vehicle services provider, reportedly lifting its valuation to roughly $1.5bn.

China-based automotive aftermarket services provider Jiangsu New Carzone Auto Parts secured $200m yesterday in a series D round featuring e-commerce group Alibaba.

Investment firm Asia Investment Capital led the round, which included Yunlong Capital. It took the company’s valuation between RMB9bn and RMB10bn ($1.4bn to $1.6bn), according to iFeng News.

Founded in 2018 by automotive parts producer Carzone, car maintenance service Qiche Chaoren and Alibaba’s business-to-consumer retailer platform, Tmall (formerly Taobao Mall), New Carzone has built an after-market e-commerce portal…

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.
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