Chinese courier mobile app wins backing from Tencent, Banyan
Tencent Holdings and Banyan Capital have invested $15 million in a Series A round of funding for Renren Kuaidi, a Chinese express delivery mobile app.
Founded in 2011, the start-up does recruits freelance couriers rather than maintaining its own fleet of staff and vehicles. Any user who meets the eligibility requirements - which include providing name authentication, bank account details, mobile phone number and a photo - can sign up to be a courier through the app.
Renren Kuaidi specializes in the delivery of lifestyle products such as flowers and food and beverages. Similar to mobile taxi-booking apps, Renren Kuaidi allows customers to book the most conveniently located courier. It charges commission on each transaction.
The company operates in Beijing, Shanghai, Shenzhen, Suzhou and Chengdu, and it will use the fresh capital to hire staff and for working capital, according to local media.
Banyan Capital was created in January through the spin-out by members of IDG Capital Partners' China tech, media and telecom team. The firm closed its debut fund at $206 million. Previous investments include Chinese air purifier maker Three Daddies, and Beibei, an online discount retail platform for maternity and baby products.
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