"Our investment in Tiantian Paiche adds to our portfolio of leading technology companies and follows our strategy of investing in high-growth market leaders with visionary management teams," said James Yang, Managing Partner and Chairman of Pagoda Investment. "Tiantian Paiche has quickly become a leading player in the sector as China's economic restructuring and rising middle class have opened tremendous opportunities for China's exponentially growing used car market."
"As a pioneer in China's used-car trading sector, we are pleased to welcome Pagoda as our new investor. Our new funding round will be used to enhance our business operations and improve our customers' user experience, which we believe will allow us to continue to expand our market share," said Weiwei Wang, Founder and CEO of Tiantian Paiche. "We look forward to the added value Pagoda will bring in strengthening our business network as we shape the ecosystem of the car trading sector in China and further enhance our comprehensive product pipeline with more innovative offerings."
China's rapidly developing consumer and technology sectors and supporting government policies, such as the policy announced in 2016 to allow car sales across provinces, are underpinning strong growth in the used car industry. According to research conducted by SinoMarketInsight, China's used car sales are projected to grow 17% annually to 9.57 million units in 2017. Furthermore, data from iResearch shows that along with growing demand for retail sellers, the consumer-to-business (C2B) model is poised to become another driver for the online used car market.
Pagoda is a private equity firm specializing in growth capital and buyouts. With Australia's Queensland Investment Corporation and large European pension funds as major investors, Pagoda is dedicated to investing in companies with significant growth potential in China's TMT, healthcare, education and consumer sectors. Pagoda actively identifies visionary entrepreneurs who are driving change in their industries and provides them with practical, hands-on growth expertise to foster long-term success. For more information, visit http://www.pagodainv.com/
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SOURCE Pagoda Investment