Autohome has made a strategic investment in used car auction platform Tiantianpaiche, whose backers already include SoftBank, SIG, Tencent and Bitauto.
China-based online used car auction service Tiantianpaiche has raised $100m in funding from online automobile platform Autohome, China Money Network reported yesterday.
Autohome has additionally secured an option to invest up to $65m in convertible note financing in Tiantianpaiche in three years’ time.
Tiantianpaiche operates an online auction platform for used car sellers and buyers. The company also operates more than 40 shops in Shanghai, Beijing and Guangzhou and is targeting a million vehicles annually by 2020.
Autohome and Tiantianpaiche…
