Chinese online car-trading services provider SouChe announced on Wednesday that it has closed its E-round funding of 5 million led by Alibaba.
This round comes less than six months after the 0 million D round in April led by Warburg Pincus.
Following the latest round of financing, Alibaba will become the biggest institutional investor in SouChe. The two companies said that they will deepen their cooperation by sharing more resources and developing more businesses together.
SouChe said it aims to consolidate its extensive physical retail channels with Alibaba's unparalleled online resources and jointly build a seamless new retail platform for vehicles, which is expected to improve efficiency in car sales by taking full advantage of the Internet and big data.