Nov 01, 2019 (China Knowledge) - Chinese auto parts industrial e-commerce platform Casstime has successfully raised around USD 80 mln (RMB 564 mln) in its Series C1 financing round.
Founded in 2015, Casstime focuses in the automotive aftermarket, with a trading platform offering automobile spare parts, as well as a cloud platform that integrates maintenance workshops and a comprehensive induastrial supply chain. The company uses big data to connect over 1200 auto parts suppliers with consumers across 300 cities in China.
Following the successful fundraising, Genecast will use the funds to enhance its research and development, improve its technologies and better serve its customers across China. As said by Overmars Jiang, CEO of Casstime, the company is “focused on strengthening the capacities on technology innovation, technical infrastructure and market expansion”.
The Chinese automotive aftermarket has been growing rapidly in the recent years and is set to leap the U.S as the biggest market in the world by next year. However, there remains much room for digitalization and innovation, and numerous companies are currently actively investing in enhanicing their technologies and processes. The industry is expected to achieve a 17% growth in 2025, up from the current 10% growth.
The latest funding round was led by Chinese investment firms Sequoia Capital China and Source Code Capital.
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