Tiantu leads $60m round for China electronics recycling site
Consumer-focused GP Tiantu Capital has led a $60 million Series C round of funding for Aihuishou, which claims to be the largest online electronics recycling platform in China.
Online retailer JD.com, Greenwoods Investment, existing investors Morningside Technologies and International Finance Corporation (IFC) also participated.
Shanghai-based Aihuishou was founded in 2011 by a team that won a recycling-themed business plan competition at Fudan University two years earlier. The platform allows people to sell or recycle used laptops, mobile phones and tablets. Sellers can get cash for their devices or do part-exchanges for newer or refurbished models.
At present the company has about 40 service centers located in city centers in Beijing, Shanghai, Guangzhou and Shenzhen. It provides door-to-door services within 3-5 kilometers of its shops.
Aihuishou has cooperated with JD.com since September last year, providing recycling services to source higher volumes of electronic waste online. Wenjun Sun, CEO of Aihuishou, told local media that the company plans to work with Xiaomi and Huawei to expand its network.
IFC led a $8 million Series B round for Aihuishou last year, while Morningside provided $2 million in Series A funding round in 2011.
The new capital will be used to scale up Aihuishou's offline business, expanding into second-tier cities and enlarging its footprint to 300-500 service centers. The start-up is targeting an A-share listing in China.
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.