China's used car trading company Youxin raises millions in funding

Chinese used car trading platform Youxin raised $500 million in a new round of funding led by TPG Growth, Jeneration Capital and China Vision Capital in January to further expand its businesses, services and branding, according to the company.

The company said on Wednesday that Youxin has completed a whole industrial chain for used car bidding, trading, financing and big data services in the sector.

Other investors in the funding included Warburg Pincus, Tiger Global Management, Hillhouse Capital, KKR, Huasheng Capital and Focus Media.

Recently, some reports claimed that the company gives an inflated number of used cars for trade on its platform. Youxin denied this claim and said that the source of the information is from a netizen's speculation on a domestic online community, which is not factual.

The company said it's highly possible that this information is an act of illicit competition.