A Chinese online car-services platform backed by investors including Goldman Sachs and Tencent (0700) is seeking fresh funding at a valuation of about US$4 billion (HK$31.2 billion), according to people familiar with the matter, Bloomberg reported. Tuhu cannot confirm the details of the funding round as uncertainties remain, its representative said in a statement in response to Bloomberg News query, adding that the startup doesn’t have any IPO plans. Tuhu has become one of the major players in China’s highly fragmented automotive aftermarket sector since its founding in 2011. Its online platform allows car owners to purchase services and parts that can be installed at physical stores, according to its website. Tuhu raised US$450 million in 2018 in a funding round led by investors including Tencent, Carlyle Group and Sequoia Capital, according to a company statement.

Source: The Standard January 08, 2021 06:00 UTC