ByteDance Raises $600 Million for Dongchedi, Valuing Car Platform at $3 Billion

ByteDance, the company behind TikTok, is seeking up to $600 million in funding for its car platform, Dongchedi. This investment round, which includes participation from firms like General Atlantic and KKR, values Dongchedi at nearly $3 billion. ByteDance launched Dongchedi in 2017, and it now boasts approximately 35.7 million monthly users. This fundraising effort is part of ByteDance`s broader strategy to focus on growth areas, which has also involved streamlining its gaming division and exploring the sale of Shanghai Moonton Technology Co. Dongchedi competes with companies like Autohome Inc. and Bitauto Holdings Ltd. in the Chinese market.