GGV leads $108m round for Chinese e-commerce platform

There was additional participation from SIG, Shunwei Capital, GF Xinde Investment, Zhongwei Capital, ZhenFund, Matrix Partners China, Ping An Ventures, and Zhejiang University Youchuang Investment Management. The capital will be used for network expansion, recruitment, and supply chain upgrades, according to a statement.

Xiaoqule, founded in August 2018, has developed a platform through which consumers can connect with local suppliers, ordering everything from fresh produce to home appliances. These goods can be collected at nearby offline outlets. The company focuses on creating social and commercial hubs within individual urban communities.

Xiaoqule has expanded its footprint to 30 cities in 14 provinces, covering over 5,800 communities as of November. On Singles' Day, a popular discount sales day in China that falls on November 11, sales revenue reached RMB3 million within 22 hours.

The company is one of a newly emerging breed of e-commerce players in China that target specific residential areas. While they adopt a similar operating model to more established peers such as Alibaba Group, they also expand aggressively offline. Other major operators in this space include Xingsheng Youxuan.

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• Topics
• Greater China
• Consumer
• Early-stage
• China
• TMT
• ZhenFund
• Venture