Chinese e-commerce sourcing partner xyb2b gets $100m
Xyb2b.com, a B2B platform that helps Chinese e-commerce companies source products from overseas, has completed an extended Series B round of funding worth $100 million.
The National SME Development Fund, which is managed by Oriental Fortune Capital, led the round. Oriza Holdings, a fund-of-funds manager, Cinda Sino-Rock Investment Management and Lan Fund came in as new investors, while Matrix Partners China, Eastern Bell Venture Capital, and HongTai Capital re-upped.
The new capital will be mainly used for upgrading supply chain and cross border B2B service capabilities. In addition, the company plans to roll out a network of brick-and-mortar stores, giving it online-to-offline coverage.
Xyb2b serves more than 100 online e-commerce platforms in China, including Netease Koala, Yunji, Beidian, Alibaba Group's Tmall, Pinduoduo, and Xiao Hong Shu. When merchants open storefronts on these platforms, they typically outsource functions such as sourcing, transaction processing and delivery to the provider. Xyb2b is then tasked with the international sourcing element.
Founded in May 2015, xyb2b positions itself as a one-stop service, covering procurement, warehousing, packaging, and distribution. The extent of the outsourcing varies by platform. Its key segments are maternity and child products, cosmetics, food, and health care, as well as daily necessities. It is gradually introducing fresh food.
Shaojun Zhou, a partner of Oriental Fortune Capital said that xyb2b plays a vital role as the largest online distribution network for imported goods in China. Min Xiao, a partner at Matrix, added that the company has the potential to deepen its ties with overseas suppliers as well because it helps them remove layers of intermediaries and cut costs.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.