Auto services website raises US$100m
Print Edition
TUHU, a Chinese online platform for automobile services and products, said yesterday it has raised about US$100 million from a group of investors, including venture capital firm Joy Capital, to expand its distribution network and warehouses.
Joy Capital, whose founders include the former head of telecom investments at Legend Capital, led the funding round, said Tuhu founder and Chief Executive Min Chen.
Other investors included private equity firm Welkin, leasing company Far East Horizon Ltd and existing investors such as Legend Capital and Qiming Venture Partners.
Companies like Tuhu that help link mobile Internet users to nearby offline services have seen a surge in investments as companies from China’s biggest Internet search engine Baidu Inc to e-commerce giant Alibaba Group Holding Ltd look to expand into so-called online-to-offline (O2O) businesses.
“We see huge opportunities for the development of the O2O market. In China’s mainland now we are just at the initial stage,” Chen said.
Tuhu’s clients can buy tires and accessories, or book a car wash at one of its 6,500 store partners through its website or mobile app.
China Renaissance advised Tuhu on the deal, Chen said.
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