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Alibaba-backed Chinese car wash YGL achieves unicorn status

Hangzhou-based startup eyes global market and self-drive tech

Car wash startup YGL is looking to clean up in China's rapidly growing automobile market.   © Reuters

HONG KONG -- Alibaba-backed self-service car wash company Yigongli (YGL) has raised "hundreds of millions of U.S. dollars" across two tranches in a Series D round to become China's latest unicorn, a company valued at over $1 billion.

The transactions include a Series D1 round from Sigma Delta Partners Investment, which focuses on prime properties in China's Tier I cities, and a Series D2 round from Goldman Sachs Asset Management, the startup announced in a news release.

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