ByteDance Said to Be Raising $600 Million for Car App Dongchedi

ByteDance Ltd. is raising as much as $600 million for its car information and trading platform Dongchedi, according to people familiar with the situation.

General Atlantic, HongShan, KKR & Co. and Gaorong Venturesare joint investors in the fundraising round, which values Dongchedi at close to $3 billion, the people said, asking not to be identified discussing a private matter.

ByteDance, the parent of TikTok, initiated a plan to carve out Dongchedi less than a year ago, the people said. They added that Dongchedi shares the same user traffic pool as Douyin, the version of TikTok used in ...