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
DST Global
H Capital Advance
IDG 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. Read the announcement ↗
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 C in October 2018 to $10B in June 2021, across 4 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 |
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 November 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. |
| Mar 2018 | Series C | Tencent (lead); ICBC International; YF Capital; IDG Capital; FountainVest Partners; GIC; Shougang Fund; Capital Today; DST Global; Taihe Capital | $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 | - | Guazi raised more than US$180 million in a Series B+ round announced on 1 November 2017, taking its Series B financing to nearly US$600 million in total. DST Global, Capital Today and Bank of China Group Investment came in as new investors, while existing shareholders Sequoia Capital China and H Capital added to their positions. Alongside the round the company reorganised itself as Chehaoduo Group, a holding company running two wholly owned brands: Guazi for used-car trading and the newly launched Maodou for new-car retail and leasing. Maodou had gone live the previous month with partnerships covering more than 20 auto brands in 33 major Chinese cities. Management said capital and resources would be split evenly between the two platforms, with the new money going to Guazi’s trading, financing, insurance and warranty businesses and to new-car financing through leasing. The financing made Chehaoduo a unicorn and lifted cumulative funding to roughly US$900 million, including a US$60 million angel round in 2015 and a US$250 million Series A in 2016. A US$818 million Series C led by Tencent followed in March 2018. |
| Jun 2017 | Series B | HSG (lead); Matrix Partners China; BlueRun Ventures; Dragoneer; Jingxin Venture Capital; Hike Capital; CMB International Capital Corporation; H Capital Advance | $400M | - | Guazi.com announced a Series B financing of more than US$400 million on 16 June 2017, led by Sequoia Capital China with a US$100 million cheque. Existing backers Matrix Partners China, BlueRun Ventures (through its BRV Aster Fund) and Hike Capital re-upped, and the round brought in H Capital, Dragoneer Investment Group, CMB International, and Shougang Group’s Jingxin Venture Capital vehicle. 58.com remained a minority shareholder of the business it had spun out of its Ganji classifieds unit in 2015. Guazi runs a consumer-to-consumer used-car marketplace that links individual sellers directly with individual buyers and provides appraisal, inspection, financing, insurance and warranty services around the sale. By mid-2017 the platform covered about 200 Chinese cities across 30 provinces. The proceeds were directed at technology, brand marketing and the build-out of transaction services, and the company added a new-car retail and leasing brand, Maodou, later the same year. A further US$180 million Series B+ followed in October 2017, taking the Series B to nearly US$600 million and coinciding with the reorganisation of the group under the Chehaoduo Group name. |
| Mar 2016 | Series A | GX Capital (lead); HSG (lead); Matrix Partners China (lead); BlueRun Ventures; Welight Capital; Hike Capital; Fengyun Capital; Nuoweiqi VC | $228M | - | Guazi.com closed a Series A round of roughly US$205 million on 29 March 2016, the largest first institutional round raised by a Chinese used-car platform at that point and part of a syndicate that reporting later put at about US$250 million in total. Sequoia Capital China, Matrix Partners China and GX Capital co-led, with BlueRun Ventures, Hike Capital, Welight Capital, Fengyun Capital and Nuoweiqi Venture Capital also taking part. 58.com, which had spun the business out of its Ganji unit the previous November, remained a minority shareholder and was diluted to about 34% on a fully diluted basis after the financing. Guazi operates a consumer-to-consumer used-car marketplace that links individual sellers directly to individual buyers and layers on appraisal, inspection, pricing, financing, insurance and warranty services. The company was founded in 2014 as Ganji Haoche and renamed Guazi in September 2015. Proceeds were earmarked for building out the transaction side of the platform, brand marketing and technology infrastructure as the company pushed into more Chinese cities. Monthly transaction value in Chengdu alone passed RMB 100 million in March 2016. |
| Nov 2015 | Seed | Mark Yang | $60M | - | Guazi Used Car was spun out of Chinese classifieds group 58 Ganji in November 2015 and capitalised with a US$60 million angel round. The money came from the founder himself: Yang Haoyong, who had built the classifieds site Ganji.com with his brother before its 2015 merger with 58.com, invested the US$60 million personally and emerged with more than half of the equity, with 58 Ganji retaining the balance. The business had started inside Ganji in late 2014 as a consumer-to-consumer used-car service called Ganji Haoche and was renamed Guazi Used Car in September 2015. The model connects individual sellers directly with individual buyers, removing the dealer margin, and wraps the transaction in inspection, pricing, financing, insurance and warranty services. At the time of the angel round the platform was still small and confined to a handful of Chinese cities. The capital funded the national roll-out that followed, and the company went on to raise a US$250 million Series A in 2016 and nearly US$600 million across Series B and B+ in 2017, by which point it had been reorganised under the Chehaoduo Group holding company alongside the Maodou new-car brand. |
Who has invested in Chehaoduo?
28 investors have backed Chehaoduo across its funding rounds, including HSG, SoftBank Group, Matrix Partners China, DST Global, H Capital Advance and IDG 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 | |
 George Town | 3 | Participant | Oct 2017 | |
| Chaoyang | 2 | Participant | Mar 2016 | |
| Hong Kong | 2 | Participant | Mar 2018 | |
| Beijing | 2 | Participant | Mar 2016 | |
| Shanghai | 2 | Participant | Oct 2017 | |
![](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 |
| Mark Yang | Beijing | 2 | Participant | Nov 2015 |
| San Francisco, CA | 1 | Participant | Jun 2017 | |
| Hong Kong | 1 | Participant | Mar 2018 | |
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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 | |
This data is available for Pro users. Sign up to see all Chehaoduo acquisitions and their M&A valuation multiples. Start Free Trial | |
Chehaoduo Competitors
Chehaoduo competitors include listed companies like REA Group, Scout24, carsales.com and News Corp, and private ones like Karrot Market and Vinted.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Australia | Publicly listed | $1.4B | $766M | $15B | 11.3x | |
 Germany | Publicly listed | $726M | $373M | $6.6B | 8.4x | |
| Australia | Publicly listed | $881M | $469M | $6.5B | 8.2x | |
| United States | Publicly listed | $9B | $1.5B | $16B | 1.9x | |
 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 Match Group, Meesho, Grab, Pinterest, Info Edge, CoStar Group, Etsy, Delivery Hero, BOSS Zhipin and Zillow.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $3.5B | $939M | 3.6x | 3.6x | 13.3x | 9.5x | |||
| $1.3B | ($144M) | 7.7x | 6.3x | (71.2x) | (95.7x) | |||
| $3.4B | $350M | 2.2x | 1.8x | 20.7x | 10.4x | |||
| $4.2B | $361M | 2.6x | 2.3x | 30.0x | 7.7x | |||
| $345M | $210M | 22.8x | 22.8x | 37.5x | 53.7x | |||
| $3.2B | $183M | 4.0x | 3.5x | 70.4x | 16.6x | |||
| $2.9B | $323M | 2.9x | 2.9x | 26.2x | 10.0x | |||
| $16B | $305M | 1.0x | 0.9x | 52.7x | 14.6x | |||
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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, DST Global, BlueRun Ventures, IDG Capital, Hike Capital, Capital Today, Nuoweiqi VC and 18 others. |
| Which companies are comparable to Chehaoduo? | Companies comparable to Chehaoduo include REA Group, Scout24, carsales.com, 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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