Guangzhou-based auto parts supplier Mancando has closed its Series B round led by China Renaissance and joined by Xiang He Capital, as well as Oriza FOFs, collecting RMB 400 million (USD 57 million), the company announced on Wednesday.
The fresh funds will be used to develop new auto parts, build new warehouses, and to digitalize its business, said the firm.
The startup, which was set up in August 2015, supplies auto parts via its app to over 2,200 franchisee car-repairing companies and other smaller repairing businesses across China. The firm also has a network of 61 brick-and-mortar stores across China.
Mancando’s app hosts about 20,000 stock keeping units (SKU) under 10 categories of auto parts from various brands, including the company’s self-developed products.
The startup closed a RMB 200 million Series A round in September 2019, KrASIA reported.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.