Tencent adding USD 80 mln in retail & wholesale platform Yijiupi
Aug 23, 2019 (China Knowledge) - Tencent Holdings Limited (0700), one of the most valuable technology companies in the world, has invested an additional USD 80 mln into Chinese e-commerce unicorn startup Yijiupi. This comes after a previous round of funding led by Tencent Holdings and Meituan Dianping (3690) September last year, which raised USD 200 mln that pushed the value of the startup to around USD 1.1 bln.
Yijiupi started off as an e-commerce platform focusing on retailing of wine, spirits and liquor to other retailers and businesses. However, as of late, the unicorn startup has begun diversifying into various consumer retail businesses spanning across the entire e-commerce supply chain.
The funds raised by Yijiupi will mainly be used in expansion of its existing business. The company hopes to “achieve new breakthroughs in the industrial chain, while maintaining long-term growth on our platform”, according to Yijiupi founder, chairman and CEO Wang Chaocheng. He added that data, cloud, AI-powered financing platform and other new business segments will form the company’s new growth and profitability achievement.
It was reported that Yijiupi attained a record RMB 13 bln (USD 1.8 bln) in gross merchandise value (GMV) in 2018. The company is expected to achieve over RMB 20 bln (USD 2.8 bln) in GMV for this year.
The unicorn startup currently has operations in 26 provinces and 140 cities in China, and has significant presence in all first and second-tier cities.
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