VCs commit $18m to Chinese students' e-commerce platform

Jianqiang Qiu - CEO of Chinese clothing retailer Semier - and a crowdfunding platform run by China Europe International Business School also took part in the round, according to a post on the company's official Weibo microblog. The round valued the start-up at RMB500 million.

Set up in April last year, Imcoming.cn operates two mobile apps: e-commerce platform Anlaiye; and goods exchange platform Anlaimai which allows students to exchange or sell second-handed products. Its services cover 130 high schools across 12 Chinese cities. It plans to expand this to 500 schools by the end of this year.

The online platforms facilitate almost 30,000 orders a day, selling products such as food, beverages, fruits and shampoos. The company plans to launch a new app in September, called Anlaijin, which will provide credit loans services to students.

The start-up secured a RMB26.3 million pre-Series A round of financing from Sharing Capital and China Renaissance Capital Investment in April. The new funding will be used to expand market share, enhance the start-up's products and technology, and to hire new staff.

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• Topics
• Greater China
• Venture
• Expansion
• Technology
• Consumer
• China
• Venture
• TMT
• Growth capital
• e-commerce
• Financial Services