Baibu, a textile-focused business-to-business (B2B) service platform, has secured $300 million in a Series D round of financing led by DST Global and joined by CICC Capital, per a company statement.
The company’s existing investors Source Code Capital, Tiger Global Management, Yunqi Partners, Chengwei Capital and Bull Capital Partners also participated in the round. China Renaissance served as financial advisor.
The latest round comes a year after the company gathered $100 million in a Series C+ round from its existing investors.
Baibu, operated by Guangzhou Zhijing Information Technology Co., Ltd, is a supply chain service platform for the textile industry in China. Besides selling textiles and fabrics to businesses, it offers an ERP and inventory management system to help buyers locate and purchase materials.
Baibu claims its Series D financing is the largest so far in China’s textile industry.
Although China’s textile & clothing industry has suffered a setback due to rising labour costs, slowing overseas demand and the escalating US-China trade war, the country remains the world’s biggest textile producer and exporter.
The textile industry is aiming to increase its exports by about 7 per cent annually and boost the export value of fibre products to $400 billion by 2020, according to China National Textile and Apparel Council. The top textile companies in China include Jiangsu Hengli Group, Shanghaitex Holding, and Lu Thai Textile.