Chinese online drugstore operator targets US listing

The size and pricing of the offering have yet to be decided. ClearVue has a 13% stake in the business, having participated in two rounds of funding. It joined existing investor Ivy Capital in a Series B worth $9.5 million in 2013 and then teamed up with Verlinvest, BioVeda and Rich Chance Global for the $73 million Series C the following year. Verlinvest and BioVeda own 10.7% and 5.9%, respectively, according to a filing.

Verlinvest is one of ClearVue’s LPs and 111 Inc represented its first co-investment in China. The family office also contributed capital to the $188 million Series D round, raised across two tranches in late 2015 and early 2016.

Launched in 2010 as one of China’s first online retail drugstores, 111 Inc expanded into online consulting and electronic prescription, building a team of 2,000 medical professionals to deliver these services. It also entered the wholesale space and now supplies medication to more than 100,000 offline pharmacies as well as providing software solutions.

The company sources products from 62 pharmaceutical manufacturers and has a supply chain network that enables delivery to retail and wholesale customers within 72 hours.

111 Inc generated RMB949.2 million ($138.1 million) in revenue in 2017, up from RMB870.4 million the previous year. The wholesale business, which was launched in 2016, accounted for RMB97.2 million of revenue in 2017, rising to RMB324.5 million out of a total of RMB730.9 million in the first six months of 2018. The company’s net loss narrowed to RMB249.3 million last year from RMB363.5 million in 2016.

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• Topics
• Greater China
• Healthcare
• IPO
• China
• ClearVue Partners
• Verlinvest
• Ivy Capital
• BioVeda Capital