Baidu and 2 VC firms invest in used car firm
Print Edition
CHINA’S largest search engine provider Baidu has teamed up with two venture capital firms to invest US$170 million in secondhand car sales company Uxin as Internet companies expand into various sectors to cement market position.
Uxin plans to use the capital from Baidu, Kohlberg Kravis Roberts & Co and Coatue Management to expand its platform into the B2C secondhand car market, according to a joint statement yesterday.
“The collaboration with Baidu could enhance our capacity to better connect secondhand car vendors and consumers and allow secondhand car information to become more accessible to buyers with relatively less knowledge about automobiles,” Dai Kun, Uxin’s chief executive, said in the statement.
Baidu said secondhand car trading and service bring together people via the Internet. Baidu aims to link buyers with the best and most reliable sellers and to make their transactions efficient and transparent, according to the statement.
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