China Merchants Bank leads $102m round for Boqii.com
China Merchants Bank has led a $102 million Series C round of funding for Boqii.com, a Chinese social network and e-commerce platform for pet owners.
Existing backers such as Goldman Sachs also participated, while the company's management team has contributed $4 million to the round, 36kr reported. The fresh capital will be used to expand Boqii's animal care services and extend its sourcing network into overseas markets.
Beijing-based Boqii was launched in 2008. It started out as an online social networking platform for pet owners but has since entered the online retail space, selling pet food and accessories, as well as animal care services. The company covers more than 22 Chinese cities through partnerships with over 2,000 offline merchants.
The firm's first round of funding came in 2013 from Jafco Asia and Goldman. In 2014, it secured a $25 million Series B round from an undisclosed US-based investment firm, with participation from Goldman.
Two weeks ago, China Merchants Bank agreed to invest in Chinese ride-hailing app Didi Kuaidi, and to create a strategic partnership with the company.
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