Chinese car maintenance service start-up Tuhu is considering a U.S. IPO this year, after raising up to $400 million from a funding round earlier this month, people with direct knowledge of the matter told Reuters.
Founded 10 years ago in Shanghai, Tuhu provides car repair and maintenance services via an online-to-offline business model. Its app links customers with over 2,400 car repair centres and 13,000 partner centres in 405 cities in China, according to Tuhu’s website.
Tuhu raised $300 million to $400 million from its latest fundraising at a valuation of $3.8 billion, which was led by existing investors Tencent Holdings and Sequoia Capital China, said two of the people.
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