China secondhand goods platform Zhuanzhuan raises $100m

This is the first tranche of Series D round also featuring Shunwei Capital and Advantech Capital. It brings capital raised in the past half-year to $550 million, according to a statement.

AVCJ Research records show the company received a $390 million Series C in April from Greater Bay Area Homeland Investments and Zhongtian Ronghui Investment. Tencent joined a $300 million Series B in 2019 with support from 58.com. Tencent also led a $200 million Series A in 2017.

Founded in 2015, Zhuanzhuan focuses on the trading of used mobile phones and claimed to have 8.72 million buyers and 3.88 million sellers in 2020. In May 2021, the revenue increased by more than 100% year-on-year, and the gross merchandise value increased by 56% year-on-year. The number of monthly active users in May reached 4,800 million, a year-on-year increase of more than 50%.

Zhuanzhuan has gradually developed from a C2C model to a service-based C2B2C platform. Quality-control services were set up in 2016 to maintain brand credibility. It is the first platform to provide quality inspection for secondhand goods, as well as seven-day return without reason, and one-year warranty for secondhand mobile phones.

Competitors in the space include China’s Aihuishou, an electronic products recycling platform that received a $100 million investment led by JD.com and Guotai Junan Securities in 2020. AVCJ understands that Aihuishou has been integrated into JD.com’s ecosystem, while Zhuanzhuan will work closely with Xiaomi.

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• Topics
• Greater China
• Expansion
• Technology
• China
• e-commerce
• Xiaomi
• Shunwei Capital Partners
• Advantech Capital