After the completion of a new round of $300 million financing, the valuation of cheduoduo is over $10 billion

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Tencent technology news on June 10, cheduoduo group announced that it had completed a new round of financing of US $300 million. This round was led by H capital, followed by Sequoia Capital China fund, IDG capital and Yang Haoyong personal fund, with a post investment valuation of more than US $10 billion.
Chen Xiaohong, founder of H capital, said that mature technology and online migration of user consumption are giving birth to e-commerce of auto trading. In the past few years, we have been exploring and building the basic ability of auto e-commerce, and iterating the business model quickly in the process of finding the optimal solution to create user value. We believe that the development of auto e-commerce will accelerate the arrival of the mainstream era of domestic auto e-commerce.
Ji Yue, partner of Sequoia Capital China fund, said that in the past few years, we have seen a lot of cars build their capabilities through technology in the automobile consumption industry, and witnessed the industry changes brought about by it. More users accept second-hand cars and buy cars online. Behind this is the evolution and upgrading of the original business model with the support of new productivity, which brings about the reconstruction of the value chain. It’s a very difficult process, but there are also huge opportunities. We are looking forward to the further release of the Internet’s connectivity and creating greater value for users.
Cui Guangfu, partner of IDG capital, said that China’s second-hand car consumer market has a huge scale, but it is still dominated by offline scattered traditional car dealers, and the consumer experience still needs to be improved in such core links as vehicle condition, price and after-sales service. We are looking forward to extending the accumulated Internet technology innovation, process standards and after-sales service guarantee to the whole automotive e-commerce field, driving the industry service level to achieve a great leap forward.
Yang Haoyong, CEO of auto group, said that auto trading has entered a new stage of e-commerce development. We will continue to focus on users, build the ability to provide better products and services, and empower the whole industry with these abilities and standards, so as to accelerate the reform and iteration of efficiency and user experience in auto circulation industry.