SIG commits $20m to China discount site 51Fanli
SIG China has committed $20 million in a Series B round of funding to 51Fanli, a Shanghai-based online discount aggregation site.
The site has previously obtained $10 million from Qiming Venture Partners and Steamboat Ventures in 2011, AVCJ Research's records show.
The net proceeds will be directed toward offline services, as well as integrating online and offline platforms to provide real-time rebate shopping information to consumers, Gary Ge, 51Fanli's founder, told local media.
51Fanli was founded in 2006, providing consumers with cash rebates, e-coupons and shopping tips. It currently has more than 35 million registered users and covers over 400 Chinese e-commerce platforms, including Alibaba Group's Tmall and Taobao, JD.com, Dangdang and travel site Ctrip.com.
It recorded RMB10 billion ($1.6 billion) in transactions last year.
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