Wednesday, 2024 February 28

Automotive parts supplier Mancando raises USD 28 million from investors including Legend Capital

Guangzhou-based Mancando, a startup supplier of auto parts via its Software as a Service (SaaS) platform and brick-and-mortar stores, closed its Series A+ round, collecting RMB 200 million (USD 28 million), 36Kr reported on Monday.

Legend Capital was the major investor while earlier investors including Eastern Bell Capital also participated in this round.

Mancando, which was set up in August 2015, features a SaaS system which hosts listings of 16,000 stock keeping units (SKU) under 10 categories of auto parts, and connects more than 1,600 franchised service providers and over 13,000 car-repairing plants.

The company, which now has 35 self-owned and operated brick-and-mortar stores, said it will use the fresh funds to expand the number of such stores to 150 units. The firm also plans to attract over 2,000 franchised service providers to its network.

The auto supplier announced that it will further improve the capacity of its warehouses located in 18 provinces of China, and will introduce new auto part brands such as Walker in its catalog.

The firm added that it will also attract new talent.

The new financing round came seven months after the closure of its RMB 170 million Series A found.

36Kr is KrASIA’s parent company

Jingli Song
Jingli Song
I believe Chinese innovation at various level needs to be known by the world.

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