According to informed sources, ByteDance is raising up to $0.6 billion in funding for its car information and trading platform, "Dongche Di".
Insiders said that Atlantic China Welding Consumables, Inc., Sequoia China, KKR & Co., and GGV Capital are the joint investors in this round of financing, and the valuation of Dongche Di is close to $3 billion. ByteDance launched the plan to spin off Dongche Di less than a year ago.
In January of this year, there was news that ByteDance will spin off its subsidiary Dongche Di into an independent company. In June of this year, it was rumored that ByteDance plans to raise $0.7 billion to $0.8 billion for Dongche Di, in preparation for the IPO of this business segment.
