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Uxin Secures USD230 Million from Warburg Pincus, TPG, and 58.com

China-based used-car trading platform Uxin has raised USD230 million through a convertible note issuance to investors including private equity fund managers Warburg Pincus and TPG, as well as China-based online classifieds platform 58.com. Uxin’s main offerings include a business-to-business auction platform and a consumer-focused platform providing recommendations, financing, title transfer, and delivery. The five-year notes, which carry an interest rate of 3.75 percent, can be converted into equity 180 days after issuance.