Uxin Ltd (NASDAQ: UXIN) is a top online used car dealer based in China that recently announced that it had entered an agreement with both Joy Capital and NIO Capital that would see it get from the two companies a capital injection of around $315 million. The company, concurrently, has agreed with Warbug Pincus, TPG, and 58.com, the holders of its convertible notes, to convert its convertible notes into a principal sum of $69 million. In addition, more than ten essential investors, including Joy Capital and NIO Capital, will agree not to sell any of their company shares in the coming nine months.
NIO Capital’s Chairman and Managing Partner, Mr. William Bin Li said that the used car market in China has the potential for exponential growth. As one of China’s top online used car dealers, the company relies heavily on its one-stop business strategy to offer car buyers with both comprehensive after-sales services and high-quality cars. The company has effectively managed to tackle the vital issues that affect traditional car dealers. Mr. Bin Li further stated that the company would continue to develop China’s used car market and help take the industry to the next level of reliability and quality.
Joy Capital’s Managing and Founding Partner, Mr. Kun Dai, said that they were really excited about China’s used car market and that they have been looking for attractive investment opportunities for quite some time now. He said that Uxin has made tremendous progress in the last ten years or so despite the challenging times it has experienced along the way.
This is China’s leading online used vehicle dealer. Not on;y does the company offer high-quality used vehicles, but it also offers top-notch purchasing services. The company’s mission is to give people the chance to get the cars they desire over the internet.