PE-backed online liquor retailer Jiuxian gets another $81m
Jiuxian.com, a Chinese e-commerce site that sells wines and spirits, has raised RMB500 million ($81 million) in a new round of funding.
Chinese asset management fund manager Min Xiang Wealth Management and other unnamed investors committed capital. Jiuxian told 21 Century Media that it is now preparing for a domestic listing on the New Third Board.
The online liquor retailer previously raised approximately RMB930 million across six funding rounds. In August last year, it received a RMB300 million equity investment from China Development Bank International and other undisclosed investors. This came after the company raised RMB425 million across two rounds.
In 2012, Jiuxian received a RMB110 million Series C round from Rich Land Capital and China Renaissance. A year earlier, Sequoia Capital and Shenzhen Oriental Fortune Capital invested RMB80 million in a Series B round, while YueKeung Winery provided RMB15 million in Series A funding.
Jiuxian was founded in 2009 and specializes in selling wines and Chinese baijiu. It claims to have over 100,000 paying customers across 55 cities in China and more than 500 suppliers. Jiuxian posted RMB1 billion in revenue last year but has yet to turn a profit.
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