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China tech

Tencent muscles further into auto industry by backing repair unicorn

Online service Tuhu, valued at $1.1bn, seeks $400m in new financing

Chinese startup Tuhu provides on-demand automotive services. (Nikkei montage)

HONG KONG -- Chinese technology conglomerate Tencent Holdings is leading a new funding round of up to $400 million for online car services platform Tuhu.

Tuhu, founded in 2011, was valued at around $1.1 billion in its last funding round in September 2018. Its platform takes orders for tire changes, car washes, parts installation and other maintenance services that are filled by partner shops in more than 200 Chinese cities.

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