Chinese local supermarket O2O player gets $100m
CITIC Private Equity, Fortune Capital, GP Capital and Zhejiang Zheshang Investment Management have invested $100 million in Huimin, a Chinese B2B and B2C e-commerce platform that focuses on small-scale supermarkets.
Xitai Sheng, founder of Hongtai Fund, and a number of unnamed investors also participated.
Huimin's chairman, Yichun Zhang, announced the funding round at a seminar in Beijing. He said the new capital would be used to expand the company's geographic footprint and warehousing capacity, and to improve distribution efficiency and service quality.
Launched in 2013, Huimin is an online to offline (O2O) community through which community-level supermarkets can source inventory from suppliers and sell goods to local residents. It is intended to reduce costs and also offer greater supply chain transparency, thereby minimizing concerns about product safety.
Huimin claims to work with nearly one million supermarkets and convenience stores across more than 30 provinces and municipalities. It adds approximately 1,000 outlets to its network every day.
CITIC Private Equity and Fortune Capital - formerly known as Shenzhen Fortune Venture Capital - are established players in the PE and VC space, respectively, with US dollar and renminbi-denominated funds. GP Capital was established by Shanghai International Group in 2009 and manages the Shanghai Financial Industry Development & Investment Fund.
Hongtai Fund, known in English as Angel Plus, was set up by Sheng, a former CEO of Huatai United Securities, and Michael Yu, co-founder and CEO of New Oriental Education & Technology Group. It raised RMB200 million ($32 million) from a string of high net worth individuals and entrepreneurs.
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