Car aftermarket site raises $80m

Shenzhen-based auto parts platform CassTime completed its first round of Series C funding, totalling $80 million, on Thursday.

Sequoia Capital China and Source Code Capital jointly led the investment, along with existing investor Hua Partners. China TH Capital is the exclusive financial advisor of this deal.

The Chinese have bought a large number of cars over the past few years. It has the second-largest car inventory in the world and the number of vehicles in the country reached 240 million by the end of last year, according to a report from Deloitte. China’s car ownership might even surpass that of the US in 2020....