Everbright ReInfore leads $102m round for China retail portal
Everbright Reinfore, a China-focused PE firm under the China Everbright Group umbrella, has led a RMB700 million ($102 million) Series B round for Beijing DS365 Technology, which operates an online retail portal.
Chinese financial service provider UCF Group also took part in the round. The company plans to use the new funding to scale its business into more Chinese cities, it said in a statement.
Founded in 2014, Beijing DS365 operates a business-to-business (B2B) online retail platform, which allows Chinese convenience store operators to buy fast-moving goods from wholesales. It also handles online payments and delivery of goods. As of October, Beijing DS365 has expanded its services into 17 Chinese cities including Beijing, Shenzhen and Guangzhou, serving more than 300,000 convenience stores.
Previous investors include Matrix Partners China and K2VC,which provided pre-Series A funding. Earlier this year, the company raised a RMB130 million Series A round from DT Capital, Grand Yangtze Capital, UCF and Chinese electronics retailer Aisidi.
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