China B2B consumer goods distribution platform raises $33m
Zskuaixiao, a China-based business-to-business (B2B) consumer goods distributing platform, has completed a RMB205 million ($33 million) Series B round led by warehouse operator Global Logistics Properties (GLP) and Longzhu Capital – a corporate investment arm of Meituan-Dianping.
Source Code Capital and Hanxin Capital also participated in the round.
Founded in 2016, Zskuaixiao’s platform connects consumer goods suppliers and small convenience store operators in lower-tier Chinese cities. It has established a presence in 15 cities in Guangdong and Fujian provinces, covering more than 50,000 retail stores. Zskuaixiao runs its own warehouse and logistics networks to deliver goods.
The company previously raised a Series A round of funding from domestic investors Midas Capital and Shenzhen Oriental Fortune Capital in 2016. Following the new investment, it will expand its business into other Chinese cities and also spend on brand building.
China’s convenience store market is highly fragmented, with about seven million mom-and-pop shops accounting for around 40% of all consumer goods sold in the country. Another B2B-focused online platform, Huimin, is backed by PE and VC investors. It connects small supermarkets and goods suppliers with a view to improving operational efficiency.
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