Chinese e-commerce services provider raises $100m
Jushuitan, a China-based software-as-a-service (SaaS) provider that targets small to medium-sized e-commerce operators, has received a $100 million Series C round led by Goldman Sachs, China International Capital Corporation (CICC), and Blue Lake Capital.
The company raised RMB300 million ($45 million) from Sequoia Capital China in March last year as the third tranche of a Series B round. The first two tranches - in 2018 - saw RMB250 million committed by the likes of Vision Plus Capital, Blue Lake Capital and Jiahai Capital.
Jushuitan received RMB50 million in Series A funding from Value Capital, Ameba Capital and Welight Capital in 2016. The latter two investors also participated in a RMB15 million pre-Series A in 2015.
Founded in 2014, Jushuitan operates an online platform that allows e-commerce operators to manage orders, inventory and logistics. It helps to standardize operating processes with a view to reducing costs while improving efficiency. The company now has more than 2,000 employers serving 300 cities in China from 60 offices.
The new capital will go towards upgrading products and service systems, the creation of integrated supply chains, and expansion into overseas markets, according to Haidong Luo, Jushiutan's CEO. The company also wants to build a collaborative SaaS ecosystem.
Other investments in the e-commerce services space include CITIC Capital's RMB1.4 billion carve-out of Hangzhou UCO Cosmetics from Shenzhen-listed Qingdao KingKing Applied Chemistry in 2019. The company specializes in helping beauty and personal care brands build and manage online stores across e-commerce platforms.
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