Wuhan Zhongnan Commercial Group (WZCG) plans to establish a business management joint venture named Shiyan Huiyuan Business Management in Shiyan, China.
The initial capital in the new company will be CNY20m ($2.9m), with WZCG owning a 50% stake.
Go deeper with GlobalData
WZCG is a general commodities retailer based in China.
Iradium Automobiles has raised $0.31m from investors, including The Chennai Angels, Anthill Scale Ventures, Esvee Technologies Inc, and Inc95 Consulting.
The Indian company owns online automobile spare parts marketplace SparesHub.com.
The proceeds are intended to be used to strengthen the company’s technology infrastructure, as well as expand customer base and geographical reach.
