China discounted e-commerce site Juanpi raises $93m
Juanpi.com, a Chinese online platform selling discounted consumer products, has raised a RMB600 million ($93 million) Series C round of funding co-led by Tiantu Capital and China Merchant Bank International.
Zhejiang Financial Investment Holding also participated. The new funding will be used to develop new products and services, as well as marketing, the company told 36kr.
Wuhan-based Juanpi was founded in 2012. The e-commerce marketplace provides season sales and flash promotions on various consumer items, such as apparel, cosmetics, snacks and childcare products. It targets consumers in lower-tier Chinese cities, with 100 million registered users as of the end of last year.
Juanpi raised RMB50 million from New Access Capital, Newsion Venture Capital and New Margin Ventures in February 2014, according to AVCJ Research. SAIF Partners committed $35 million in a Series B round for Juanpi late in the year.
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