Legend, Tiger back Chinese industrial e-commerce platform

The China unit of energy giant Shell also came in as a new investor alongside Oriza Holdings, while existing backers Eastern Bell Venture Capital, Genesis Capital, and Matrix Partners China all re-upped, according to a statement issued by China Renaissance, which advised on the transaction. It is said to be the largest ever investment in China's maintenance, repair and operations (MRO) space.

AVCJ Research's records show that Zhenkunhang – also known as zkh360.com – received Series A funding from Cowin Capital in 2015. This was followed by a RMB360 million ($53 million) Series B in 2017 that featured Cowin and Eastern Bell, among others.

Founded in 1996, the company positions itself as a one-stop shop for goods ranging from lubricants, adhesives and industrial safety gear to tools, power transmission equipment, and hydraulic pumps. It claims to carry one million product lines from more than 5,000 brands and serve over 12,000 industrial customers.

Long Chen, CEO of Zhenkunhang, said the new capital would go towards improvements in supply chain, distribution, and equipment leasing capabilities. The company will also look into the application of internet-of-things technology to its operations and develop its national warehousing and logistics coverage.

Pengfei Wang, a managing director with Tiger Global, added: "Zhenkunhang offers professional MRO services that remove the pain of purchasing for many manufacturers. At the same time, the team has cultivated deep supply chains, which have a significant impact on procurement, management efficiency, and cost reduction. We believe Zhenkunhang can further scale up and provide higher-end MRO services."

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• Topics
• Greater China
• Technology
• Expansion
• China
• TMT
• e-commerce
• Tiger Global Management
• Legend Capital
• Matrix Partners
• Cowin Capital
• Oriza Holdings
• Genesis Capital
• Growth capital