Tencent invested in the used car marketplace at a $500m valuation, more than three times that at which it raised series B funding less than a year ago.
Diversified internet company Tencent has provided $85m in series C capital for China-based online automotive marketplace Renrenche at a $500m valuation, Technode reported today.
Founded in April 2014, Renrenche operates an online marketplace for used vehicles, taking a 3% commission fee on each sale made through the service.
The company currently operates in 20 Chinese cities and lists around 15,000 vehicles. It was launched by former employees of internet services provider Baidu, and the company was in talks with Baidu…
