AVCJ

China online liquor retailer raises $68m

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Jiuxian.com, a Chinese e-commerce site that sells wines and spirits, has raised RMB425 million ($68 million) across two rounds of funding.

Return backers include Beijing-based Rich Land Capital, Shenzhen Oriental Fortune Capital and Sequoia Capital.

The firm secured a RMB165 million Series D round at the end of last year and an additional RMB260 million earlier this year, Hongfeng Hao, Jiuxian's chairman, told local media.

Founded in 2009, the online alcohol retailer, which has over 500 suppliers, sells Chinese rice wine Baijiu, Western spirits and wines, as well as alcoholic beverage accessories. Headquartered in Beijing, it has warehouses in Beijing, Shanghai, Guangzhou, Chengdu and Wuhan.

The fresh capital will be used to expand the company's self-run warehouses and promote its mobile app - Jiu Kuai Dao - which launched last week.

"We want to build our warehouses and logistic systems in each province. By doing so, we can deliver our products the next day after ordering," said Hao.

According to AVCJ Research, Jiuxian raised about $50 million from Sequoia Capital and Shenzhen Oriental Fortune in 2011. Rich Land Capital along with other undisclosed venture capital firms commited RMB200 million in 2012.

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