Chehaoduo Valuation, Funding & Investors
Chehaoduo is valued at $10B as of June 2021.
Last Chehaoduo valuation
$10B
Series E · Jun 2021
Last Chehaoduo funding round
$300M
Series E · Jun 2021
Cumulative funding Chehaoduo raised
$3.8B
across 9 funding rounds
Key investors in Chehaoduo
HSG
SoftBank Group
Matrix Partners China
H Capital Advance
DST Global
Hike Capital
About Chehaoduo
Chehaoduo is a Beijing-headquartered used car trading platform operating as Guazi.com, facilitating direct sales between individual sellers and buyers across 400+ cities in China. Founded in 2015, it inspects vehicles at 1,300 detection centers, offering warranties up to five years and financing options. The company transacts over 500,000 vehicles annually, with branches in Hangzhou, Chongqing, and Chengdu.
Founded
2015
HQ
BeijingWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Valuation
$10B (Jun 2021)
Chehaoduo Valuation
Chehaoduo is currently valued at $10B, based on its Series E in June 2021.
The $300M round was led by H Capital Advance, HSG and SoftBank Group, with participation from IDG Capital and Mark Yang.
Chehaoduo's valuation has grown 1.5x from $6.6B at its Series B in October 2017 to $10B in June 2021, across 5 priced rounds.
Chehaoduo valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jun 2021 | Series E | $10B |
| May 2020 | Series D | $9B |
| Feb 2019 | Series D | $9B |
| Oct 2018 | Series C | $6.6B |
| Oct 2017 | Series B | $6.6B |
Chehaoduo Funding History
Chehaoduo has raised a total of $3.8B across 9 funding rounds.
Chehaoduo's first fundraising round was a $60M seed round in July 2015. The most recent completed round was a $300M Series E in June 2021.
Chehaoduo funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2021 | Series E | H Capital Advance (lead); HSG (lead); SoftBank Group (lead); IDG Capital; Mark Yang | $300M | $10B | Chehaoduo (also known as Guazi), a China-based automotive e-commerce marketplace, operates an online platform connecting individual car sellers and buyers for used cars, eliminating middlemen and facilitating easier transactions. Spun off from online classifieds operator Ganji in 2015, the company has raised approximately $3.8B to $4.3B in total equity funding across 13 rounds from investors including SoftBank, Tencent, Shougang, Sequoia Capital China, H Capital, HSG (HongShan), IDG Capital, and founder Yang Haoyong (Mark Yang). On June 10, 2021, Chehaoduo closed a $300M Series E funding round led by H Capital Advance (H Capital), HSG, and SoftBank Vision Fund, with participation from IDG Capital and Mark Yang, achieving a post-money valuation of $10B USD and unicorn/decacorn status. This later-stage VC round boosted its valuation from prior rounds, such as a $1.5B Series D in 2019 at $9B. The platform benefits from supportive Chinese policies on second-hand car trading, including lifted restrictions and improved logistics, payments, and after-sales services. CEO Yang Haoyong emphasized focusing on users to build better products, services, and industry standards to transform auto trading via e-commerce. The company operates in a competitive used car e-commerce market in China, with over 36 investors and total raised exceeding $4B by mid-2021. |
| May 2020 | Series D | SoftBank Group; HSG | $200M | $9B | Chehaoduo Group, parent of Guazi (used cars) and Maodou (new cars), completed a $200 million funding tranche in May 2020 from Sequoia Capital China (HSG) and SoftBank Vision Fund as a follow-up to its Series D, bringing the total round to $1.7 billion. This valued the company at $9 billion, matching the prior $1.5 billion investment from SoftBank in February 2019. The Beijing-based firm operates an online platform for buying and selling new and used cars, with 600 offline stores enhancing trust through omnichannel services including after-sales. Funds were allocated to coordinate services between brands and recover sales post-Covid-19. Chehaoduo claimed profitability for both new and used car businesses in Q4 2019, signaling operational traction amid a recovering auto sector. The deal reflected renewed VC interest in China's online auto trading despite pandemic impacts and SoftBank's challenges elsewhere like WeWork. Competitors include Uxin and Renrenche, with Chehaoduo backed previously by 58.com. Total funding reached around $3.4 billion post-2019 round, positioning it as a leader in a market with low online penetration and growth potential in used cars and financing. |
| Feb 2019 | Series D | SoftBank Group (lead) | $1.5B | $9B | Chehaoduo Group, operator of Guazi (used cars) and Maodou (new cars) platforms, completed a USD 1.5 billion Series D funding round led by SoftBank Vision Fund on February 28, 2019, bringing total funding to USD 3 billion. The post-money valuation reached USD 9 billion. The company leverages data-driven technology in China's rapidly growing used car market, which has low online penetration and underutilized auto financing compared to developed markets. Prior to this round, reports indicated pre-money valuations around USD 8.5 billion. Chehaoduo plans to use proceeds for technology investments, new products, marketing, and expanding its 600 offline stores to build consumer trust through an omnichannel approach. Competitors include Uxin and Renrenche. SoftBank Vision Fund partner highlighted the booming used car market potential, while CEO Yang Haoyong emphasized big data and AI as core competencies amid global auto industry innovation trends. |
| Oct 2018 | Series C | Tiantu Capital (lead); CKE; Nuoweiqi VC; DST Global | $162M | $6.6B | Chehaoduo, also known as Guazi or CARS, is a China-based automotive e-commerce platform specializing in online used and new car retail, auction, and after-sales services through platforms like Guazi for used cars and Maodou for new cars. Spun out from classified marketplace Ganji (acquired by 58.com in 2015), it operates as a new retail business combining online services with offline dealerships. The company had previously raised $818M in a Series C round led by Tencent in March 2018, bringing prior total funding to over $1B before this extension. On October 16-17, 2018, Chehaoduo completed a $162M Series C+ round led by Tiantu Capital, with participation from DST Global, Nuoweiqi VC (or Novich Venture Capital), and CKE, valuing the company at $6.6B post-money. This extension brought total Series C funding to $980M. Alongside the private investment, the company received RMB3B ($430M) financing commitment from Kunshan city's government to support its after-sales subsidiary Maodou in the city's economic zone. By late 2018, cumulative funding reached $2.3B across multiple rounds since 2015, the highest among Chinese car service platforms, with valuation rising sixfold from $1B in September 2016. Proceeds from the round were allocated to expand brick-and-mortar networks, targeting 100 Guazi used car stores in 100 cities (over 1.3M sqm) and 300 Maodou new car outlets in 200 cities including lower-tier markets by year-end, while investing in big data, AI, and smart devices. The round positioned Chehaoduo amid competition in China's auto retail sector, leveraging policy liberalization and tech maturity for offline-online integration. Subsequent rounds included a Series D at $9B valuation in early 2019 and later financings up to Series E in 2021, with total raised exceeding $4.3B from 36 investors. |
| Jan 2018 | Series C | Tencent (lead) | $818M | - | Chehaoduo, an online automotive retail and services platform operating brands like Guazi for used cars and Maodou for new vehicles, raised $818 million in its Series C round led by Tencent, with participation from Sequoia Capital, ICBC International, Yunfeng Capital, and others. This funding came shortly after a $180 million Series B+ round in October 2017 that achieved unicorn status, building on prior raises including $400 million in June 2017 and earlier rounds totaling over $1.7 billion cumulatively. The company offers car appraisal, financing, insurance, and is expanding into vehicle leasing. In 2017, Chehaoduo reported 300% full-year revenue growth and claimed a 68.3% share of China's used vehicle auction market per third-party data, amid rapid sector growth with used car transactions up 20% to 12 million units. It positions as China's largest online used-car trader by volume, facing competition from Renrenche, Uxin, and others in a nascent market. |
| Oct 2017 | Series B | Matrix Partners China; Sequoia Capital; Capital Today; H Capital Advance; DST Global; Bank of China Group Investment | $180M | $6.6B | Chehaoduo Group, a Chinese online auto retailer operating platforms like Guazi for used cars and Maodou for new cars, raised USD162 million in a C+ funding round around 2017, achieving a post-money valuation of USD6.6 billion. This funding supported expansion in China's massive car market, which saw 28.1 million annual sales in 2018 amid growing demand for online used and new vehicle transactions. The company has pursued aggressive growth through heavy advertising investments, with industry ad spend rising from RMB800 million in 2015 to over RMB5 billion in 2017, reflecting competitive dynamics in online car retail. Chehaoduo later secured larger rounds, including a $1.5 billion Series D from SoftBank Vision Fund in early 2019 at over $9 billion valuation and a $300 million Series E in 2021, bringing total funding to over $4.3 billion across 13 rounds from 36 investors. Operating in a competitive landscape against rivals like Uxin (market cap ~$1.35 billion in 2019), Chehaoduo focused on scaling without near-term acquisition plans, as stated by spokespeople. The firm faced regulatory scrutiny, including a CNY12.5 million penalty in 2018. Subsequent developments positioned it as a decacorn, emphasizing its role in digitizing China's used car sector previously dominated by offline channels. |
| Jun 2017 | Series B | HSG (lead); Matrix Partners China; Dragoneer; Jingxin Venture Capital; Hike Capital; CMB International Capital Corporation; H Capital Advance | $400M | - | Chehaoduo (also known as Guazi.com or CheHaoDuo Group), founded in 2015 as a spin-out from classified marketplace Ganji, operates China-based automotive e-commerce platforms including Guazi for used car auctions and trading, and Maoduo for new vehicles and after-sales services. The company offers car appraisal, financing, insurance, and plans to expand offline dealerships, big data, and AI technologies. It achieved unicorn status in October 2017 after a $180M Series B+ round, prior to the queried June 2017 Series B. The specific June 14, 2017 funding round matches a reported $400M Series B, with HSG listed as lead investor in the query. Subsequent rounds included a November 2017 $180M Series B+ with Capital Today, Sequoia China, H Capital, DST, and Bank of China Group subsidiary; a March 2018 $818M Series C led by Tencent with Sequoia Capital China, Yunfeng Capital, ICBC International, IDG Capital, Shougang Fund, GIC, FountainVest Partners, and others; and an October 2018 Series C+ $162M from Tiantu Capital, DST Global, Nuoweiqi VC, CKE valuing the company at $6.6B post-money alongside RMB3bn from Kunshan government. Chehaoduo continued raising capital with a February 2019 $1.5B Series D led by SoftBank Vision Fund at $9B post-money valuation, followed by additional rounds like Series D-II $200M, Series E $300M in June 2021. Total funding reached over $4.3B across 13 rounds by 2021. The company competes in China's growing used car market, which saw 12M transactions in 2017 up 20%, against rivals like Renrenche, Chezhibao, Uxin, and Tiantianpaiche, focusing on C2C trading, full lifecycle auto services, and ecosystem building to boost revenues and market dominance. |
| Mar 2016 | Series A | GX Capital (lead); HSG (lead); Matrix Partners China (lead); Welight Capital; Hike Capital; Fengyun Capital; Nuoweiqi VC | $228M | - | - |
| Jul 2015 | Seed | - | $60M | - | Chehaoduo, operating through brands like Guazi for used cars and Maodou for new cars, is a Chinese online car trading platform founded around 2015. It focuses on data-driven technology to build a leading platform in China's rapidly growing used car market, with low online penetration and underutilized auto financing. The company has expanded to omnichannel with hundreds of offline stores supporting car dealing and after-sales services. Funding history includes a $180 million round in October (likely 2017, previous to Series C), $400 million in June (likely 2017), $818 million Series C in March 2018 led by Tencent with ICBC International, Yungfeng Capital, GIC, Sequoia Capital, H Capital, and DST Global. Later, SoftBank Vision Fund invested $1.5 billion in Series D around February 2019, valuing the company over $9 billion post-money and bringing total funding to about $4 billion. Additional rounds include Series E $300 million in June 2021 and others totaling over $4.3 billion across 13 rounds by 2021. Competitors include Uxin, which IPO'd raising $225 million, and Renrenche, which raised $300 million with Goldman Sachs, Didi, and Tencent. Chehaoduo plans to use funds for technology, new products, marketing, and store expansion to enhance consumer trust and differentiate via omnichannel approach. |
Who has invested in Chehaoduo?
21 investors have backed Chehaoduo across its funding rounds, including HSG, SoftBank Group, Matrix Partners China, H Capital Advance, DST Global and Hike Capital.
Lead investors include H Capital Advance, HSG, SoftBank Group, Tiantu Capital, Tencent and 2 other investors.
Chehaoduo Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Hong Kong | 4 | Lead | Mar 2016 | |
| Beijing | 3 | Lead | Mar 2016 | |
 Tokyo | 3 | Lead | Feb 2019 | |
 Teaneck, NJ | 3 | Lead | Jun 2017 | |
| Beijing | 2 | Participant | Mar 2016 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Nuoweiqi VC | Shanghai | 2 | Participant | Mar 2016 |
 George Town | 2 | Participant | Oct 2017 | |
| San Francisco, CA | 1 | Participant | Jun 2017 | |
| Beijing | 1 | Participant | Jun 2021 | |
| Beijing | 1 | Lead | Mar 2016 | |
| Shenzhen | 1 | Lead | Jan 2018 | |
| Shenzhen | 1 | Participant | Mar 2016 | |
| Jingxin Venture Capital | China | 1 | Participant | Jun 2017 |
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Start Free TrialAcquisitions by Chehaoduo
Chehaoduo has acquired 1 company to date.
Last acquisition by Chehaoduo was on March 4th 2019. Chehaoduo acquired Guazi Car Rental for undisclosed valuation.
Latest Acquisitions by Chehaoduo
| Description | Guazi Car Rental is a Beijing-based peer-to-peer car-sharing service connecting private vehicle owners with renters. Formerly START, the platform operates nationwide in China, offering short-term rentals similar to Airbnb for automobiles. |
| HQ Country | |
| HQ City | Beijing |
| Deal Date | 4 Mar 2019 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
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Chehaoduo Competitors
Chehaoduo competitors include listed companies like REA Group, carsales.com, Scout24 and News Corp, and private ones like Karrot Market and Vinted.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Australia | Publicly listed | $1.4B | $776M | $15B | 11.4x | |
| Australia | Publicly listed | $892M | $475M | $6.5B | 8.2x | |
 Germany | Publicly listed | $748M | $385M | $6B | 7.6x | |
| United States | Publicly listed | $9B | $1.5B | $17B | 2.0x | |
 Seoul | Private | - | - | $2.7B | - | |
 Vilnius | Private | $1.3B | - | $9.3B | 7.3x |
Chehaoduo Public Comps
Chehaoduo is still privately-owned, but its public comps include Meesho, Match Group, Pinterest, Instacart, Info Edge, Grab, CoStar Group, Swiggy, Talabat and Delivery Hero.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.3B | ($143M) | 7.4x | 6.3x | (68.4x) | (83.6x) | |||
| $3.5B | $939M | 3.7x | 3.7x | 13.9x | 10.0x | |||
| $4.2B | $361M | 2.4x | 2.2x | 28.5x | 7.3x | |||
| $3.7B | $598M | 2.6x | 2.4x | 16.6x | 8.0x | |||
| $342M | $208M | 24.4x | 24.7x | 40.1x | 59.0x | |||
| $3.4B | $350M | 2.3x | 1.9x | 21.9x | 11.5x | |||
| $3.2B | $183M | 3.6x | 3.3x | 64.6x | 16.8x | |||
| $2.4B | ($322M) | 2.8x | 2.4x | (20.6x) | (23.7x) | |||
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Common questions about Chehaoduo
| When was Chehaoduo founded? | Chehaoduo was founded in 2015. |
| Where is Chehaoduo headquartered? | Chehaoduo is headquartered in Beijing, China. |
| Is Chehaoduo publicly listed? | No, Chehaoduo is a private, VC-backed company. |
| What is Chehaoduo's valuation? | Chehaoduo was last valued at $10B in its Series E in June 2021. |
| How much funding has Chehaoduo raised? | Chehaoduo has raised $3.8B across 9 funding rounds. |
| What was Chehaoduo's last funding round? | Chehaoduo's last funding round was a $300M Series E in June 2021, led by H Capital Advance, HSG and SoftBank Group. |
| Who are Chehaoduo's investors? | Chehaoduo's investors include HSG, Matrix Partners China, SoftBank Group, H Capital Advance, Hike Capital, Nuoweiqi VC, DST Global, Dragoneer, IDG Capital, GX Capital and 11 others. |
| Which companies are comparable to Chehaoduo? | Companies comparable to Chehaoduo include REA Group, carsales.com, Scout24, News Corp, Karrot Market and Vinted. |
| How many companies has Chehaoduo acquired? | Chehaoduo has acquired 1 company, including Guazi Car Rental. |
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