Second-hand car seller Uxin raises $230m in latest round

TIANJIN - Chinese second-hand car selling platform Uxin announced Wednesday that it had raised $230 million in its latest round of financing.

The investment was led by the Chinese classified website 58.com, Warburg Pincus and TPG, according to a Uxin statement.

The Nasdaq-listed company will reach a strategic partnership with 58.com in areas including user traffic and inventory acquisition, used-car inspection and big data analysis, said the statement.

China saw 13.82 million second-hand cars sold in 2018, up by 11.46 percent year-on-year. Sales reached 860.3 billion yuan ($124.7 billion), up by 6.31 percent, according to the China Automobile Dealers Association.

Uxin was the largest used car e-commerce platform in China in terms of both the number of transactions facilitated and total gross merchandise volume in 2017, according to analyst iResearch. The company was listed on Nasdaq Stock Market in June 2018.