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Uxin finds new friend on difficult road to profitability

The used car superstore operator will receive $15 million in new funding from shared ride company Dida, equal to more than four times its cash reserves at the end of March.

By Doug Young

Ever wonder what it would feel like to live on life support for two full years?

That’s a bit how it feels for Uxin Ltd. (UXIN.US), which has continually flagged the precariousness of its financial situation to investors over that time, as it races against the clock to prove the viability of its used car superstore business model. The company received a small but important vote of confidence last week from shared ride company Dida Inc. (2559.HK) in the form of a modest $15 million in new financing.

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