China's VC-backed Qufenqi raises $490m pre-IPO round
Qufenqi, a Chinese retailer that allows online buyers to pay in installments for consumer electronics purchases, has raised approximately RMB3 billion ($490 million) in pre-IPO financing.
This is intended to the first of several funding tranches. It was led by an internet-focused fund owned by Beijing Phoenix Fortune, as well as A-share listed Hangzhou Liaison Interactive Information Technology. Other existing shareholders also participated in the round, Min Luo, Qufenqi's CEO, told a press conference.
The company has rebranded itself to Qu Shop Group in the wake of the fundraising. It will use the fresh capital to develop new products and broader its user base.
Beijing-based Qufenqi was launched in March 2014. It targets college students, allowing them to pay for online purchases, such as smart phones, computers and other electronic goods, in installments.
The firm raised several rounds of funding from PE and strategic investors. BlueRun Ventures provided a Series A round and then a Series B was raised in August 2014 from Source Code Capital, Golden Summit and Bluerun. Early last year, Qufenqi raised approximately $100 million led by Shenzhen-listed games developer Kunlun Tech, valuing the company at $250 million.
Ant Financial Service Group, Alibaba Group's online financial services affiliate, led a $200 million round for the company in August, which was said to be the largest for any Chinese internet finance start-up at that time. Beijing Kunlun Tech, Source Code and BlueRun also participated. Qufenqi has since expanded its online payments and credit appraisal businesses through collaboration with Alipay and Sesame Credit.
Earlier this year, the company said it completed a new round of renminbi-denominated funding, having removed its variable interest entity (VIE) structure in preparation for an onshore listing.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.