Alibaba Leads $335 Million Funding for Chinese Car Trading Site

BEIJING, CHINA - APRIL 11: A general view of traffic jams near the ITC (International Trade Center) CBD. According to the mayor of the Beijing, curbing the explosive growth of its population will be a top priority for the Beijing municipal government on April 11, 2014 in Beijing, China. (Photo by Xiao Lu Chu/Getty Images)Photographer: Xiao Lu Chu/Getty Images AsiaPac

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By Bloomberg News

November 1, 2017 at 4:00 AM UTC

This article is for subscribers only.

SouChe.com, a Chinese car trading site, raised $335 million in a funding round led by Alibaba Group Holding Ltd. as it expands in auto-financing and prepares for a potential U.S. IPO.

Alibaba will become the biggest backer of the site and integrate parts of the business with its own e-commerce services. Warburg Pincus, Primavera Capital and CMB International also took part. The new funding round valued the company at between $1 billion and $2 billion, according to SouChe founder Yao Junhong.