Sequoia leads $50m funding round for online Chinese car marketplace Cheyipai


car-wheel_lrgEarly-stage investment giant Sequoia Capital has led a $50m financing round for Chinese online second-hand vehicle retailer Cheyipai.

CITIC Capital, Matrix Partners and Morningside also took part in the financing following participation in both of Cheyipai’s previous round.

The firm took the lead in finalising the standardised system for evaluating the performance of second-hand vehicles in 2010, becoming China’s first to start online sales of second-hand vehicles and adopting the online-to-offline (O2O) e-commerce model for the complete transaction process.

Cheyipai’s annual turnover has soared from RMB1bn yuan (US$164m) to RMB5bn during the past two years.

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