Baidu Capital leads $71m round in Chinese warehouse & logistics platform FineEx

Chinese warehousing and distribution services platform FineEx has secured 500 million yuan ($71 million) in a Series D round of financing led by Baidu Capital, an Internet-focused investment fund launched by search engine giant Baidu.

Russia-China Investment Fund, a $2-billion private equity vehicle financed by sovereign wealth funds in China and Russia, participated in the investment. Hong Kong-listed Chinese investment bank China Renaissance served as the exclusive financial adviser of the deal, said FineEx in a statement on Friday.

Shanghai-based FineEx is a third-party warehousing and distribution services and solutions provider serving e-commerce businesses. Its website shows that the company has served over 1,500 brands and nearly 200 million consumers.

The new investment will help FineEx further develop in the world’s largest e-commerce and mobile commerce market, where consumers are estimated to spend $2.09 trillion on retail e-commerce in 2020, up 16 per cent compared to 2019, as per US market researcher eMarketer.

eMarketer has downsized the projection for 7.7 per cent due to the impacts of the coronavirus, but it still represents hundreds of billions of US dollars in additional spending compared with one year earlier.

Founded in 2006, FineEx operates a network of 220 warehouses, including central, regional and front-end distribution centres that cover a total storage area of two million square metres (21.53 million square feet) in China.

The company plans to use the proceeds from the Series D round to further expand its warehouse network, with a target to offer “an integrated, all-channel logistics service” that bridges e-commerce corporate clients with their business partners and consumers. It aims to increase the number of its warehouses to 500 in the next three years, according to the statement.

Meanwhile, FineEx will also increase investment in the R&D of logistics software, intelligent warehousing technologies and equipment, as well as a Software-as-a-Service (SaaS) cloud platform.

In May 2018, the company closed 370 million yuan ($52 million) in a Series C round led by Beijing-based alternative asset management firm Sino-Ocean Capital.

Its previous backers also include Chinese private equity companies DYEE Capital, Orient Jiafu, and Aurora Private Equity, which focuses on TMT and innovative consumption fields.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.