KKR, Baidu, Coatue to invest $170 million in China online used-car platform

March 18, 2015 publisher 170-million, beijing, cars-on-display, companies, equity-firm, funds, jointly-invest, newly-launched

HONG KONG (Reuters) – Private equity firm KKR & Co LP, search engine Baidu Inc and hedge fund Coatue said on Wednesday they will jointly invest $170 million in Chinese online used-car auction firm Uxin, aiming for a piece of the booming used-car market. Uxin will use the funds to expand a newly launched platform where auto retailers sell used cars to individuals, the companies said in a joint statement.

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KKR, Baidu, Coatue to invest $170 million in China online used-car platform