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Chinese automotive aftermarket service provider CassTime closes D2, D3 funding round

Gabriella From Gasgoo| September 15 , 2023 17:50 BJT

Beijing (Gasgoo)- CassTime, a leading B2B platform company in China dedicated to serve the automotive aftermarket, recently announced the successful completion of two funding rounds, D2 and D3, which raised for the company 200 million yuan. 

Chinese automotive aftermarket service provider CassTime closes D2, D3 funding round

Photo credit: CassTime

Notable investors in this funding round include Mangrove Capital, VLight Capital, Shenzhen High-Tech Investment, and others. Prior to this, CassTime had secured strategic investments from prominent institutions such as Sequoia Capital, Shunwei Capital, Source Code Capital, Fosun RZ Capital, Hua Capital, H Capital, and Bosch, among others.

In May of this year, the Anhui Provincial Government included CassTime in its strategic development plan for the new energy and intelligent connected vehicle industry. CassTime, in collaboration with Wuhu Jiangbei New Area, signed a cooperation agreement aimed at enhancing the intelligent connected vehicle industry ecosystem and providing vital support for the construction of a world-class automotive industry cluster in Anhui Province.

CassTime has long been committed to establishing digital infrastructure for the automotive aftermarket, setting industry service standards and credit systems. The company’s services encompass the all-in-one auto parts trading platform "CassTime Auto Parts," the digital auto parts procurement platform "CassTime Procurement," the intelligent workshop management system "Workshop No.1," and supply chain finance solutions.

Starting from connecting auto parts suppliers and repair shops with CassTime Auto Parts (B2B), and expanding last year to transactions from automakers, brand owners, factories, to large enterprises through CassTime Procurement (F2B) procurement and transaction platform, CassTime has now completed the B2B and F2B transaction loops, constructing a comprehensive digital foundation. This foundation connects manufacturers, auto parts suppliers, repair shops, and vehicles, forming a national digital expressway. On this digital foundation, CassTime integrates core functions such as big data, AI, and financial risk control.

At present, CassTime's platform boasts more than 7,000 high-quality suppliers and extends its services to 376 cities across China, serving over 3 million vehicles each month.

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