Tencent-Backed Tuhu Seeking Fresh Funding At $4B Valuation: Report

Shanghai-based independent auto aftermarket retailer and service provider, Shanghai Lantu Information Technology Co., Ltd., commonly known as Tuhu, is looking to raise fresh capital at a $4 billion valuation, reports Bloomberg.

What Happened: Backed by Goldman Sachs Group Inc (NYSE: GS) and Tencent Holdings ADR (OTC: TCEHY), Tuhu is looking to raise approximately $200 million from investors, reports Bloomberg.

The company may publicly list its stock, either in Hong Kong or in the U.S. sometime in 2021, people familiar with the matter told Bloomberg. A Tuhu representative denied the company having any plans in a statement to the newswire.

Why Does It Matter: According to Crunchbase, since its inception in 2011, Tuhu has raised $874.8 million from 15 investors in seven rounds of funding.

Tencent was the lead investor in the Series F funding round in November 2019, which raised $300 million. Other investors include venture capital firm Sequoia Capital China and private equity firm Carlyle Group Inc (NASDAQ: CG).