Uxin Limited (UXIN), an online used car dealer in China, announced on 13 July that it has secured an investment of $100 million by issuing senior convertible preferred shares to NIO Capital and Joy Capital. This is the first tranche of its financing transaction of up to $315 million announced last month.
Uxin’s convertible notes holders, including 58.com, TPG, and Warburg Pincus, have converted their convertible notes of $69 million into ordinary shares. These above-mentioned important investors have agreed to a lock period of a year.
In addition, Uxin has appointed William Bin Li and Erhai Liu as directors of its Board, which is an arrangement stipulated in the financing agreements.
William Bin Li is the founder, Chairman, and CEO of NIO, a leading electric vehicle maker in China. He is also the co-founder of Bitauto, an automobile vertical in China. Erhai Liu is the founding and managing partner of Joy Capital.