ByteDance Raises Up to $600 Million in Funding For Its Subsidiary Dongchedi
According to reports citing informed sources, ByteDance is raising up to $600 million in funds for its automotive information and transaction platform ‘Dongchedi’.
According to sources, General Atlantic, HongShan China, KKR & Co., and Gaorong Capital are the joint investors in this round of financing; the valuation of Dongchedi is close to $3 billion. ByteDance initiated the plan to spin off Dongchedi less than a year ago.
In January this year, it was reported that ByteDance would spin off Dongchedi to become an independent company. In June, it was said that ByteDance plans to raise $700 million to $800 million for Dongchedi in preparation for an IPO of that part of the business.
SEE ALSO: ByteDance’s New Commercial Adjustment: Dongchedi Becomes An Independent Company
