Chinese online automobile dealer Bitauto said on Tuesday that it had landed USD 550 million for its subsidiary, auto financing company Yixin Capital.
Investors included Chinese tech giants Tencent and Baidu, and China’s second largest online retailer, JD.com. The three investors, according to Bitauto, would help with Yixin Capital’s credit assessments, and improve its ability to provide better financial products and services.
“With the support from Tencent, Baidu and JD.com, Yixin Capital will be more successful in China’s online auto financing market in a long term,” said Li Bin, founder and CEO of Bitauto, on Tuesday.
Bitauto was founded in 2000. It provides users with automobile information and helps them buy vehicles at a low price. According to its 2015 financial report, its business income was RMB four billion (USD 619 million) in 2015.
Bitauto has previously landed USD 400 million and assets worth USD 750 million from JD.com, and USD 150 million from Tencent in January 2015. Yixin Captial also received at the sme time USD 100 million from JD.com and USD 150 million from Tencent.
In June 2016, Bitauto received USD 50 million respectively from Tencent, Baidu and JD.com.
Bitauto’s biggest competitor in China is Autohome.
(photo taken from pixabay.com)