China Digest: IDG leads $53m funding in Epet.com; Kaitai backs Niuniuqiche

A packet of former U.S. President Abraham Lincoln five-dollar bill currency is inspected at the Bureau of Engraving and Printing in Washington March 26, 2015. REUTERS/Gary Cameron/File Photo

IDG Capital has led a $53 million series B round in Chongqing city-based e-commerce platform Epet.com, while Kaitai Capital invested in the $17 million series C round in new e-car transaction platform Niuniuqiche, the China Money Network reported.

IDG leads $53m funding in Epet.com

IDG Capital has led a $53 million (RMB330 million) series B round in high-end pet products e-commerce platform Epet.com.

Launched in 2009, Epet.com offers over 30,000 high-end pet products, like food, toys, healthcare, clothes and cosmetics from 800 brands for cats and dogs.

The Chongqing city-based company plans to use the latest investments to improve local partnerships with high-end pet products brands, and also to expand its imported products from countries including US, Australia, and New Zealand.

Currently, over half of its listed products are imported from overseas. Last year, the startup’s revenue hit $80 million (RMB500 million), up over 200 per cent year-on-year.

Epet.com claims its platform has reached 2.3 million registered users and 100,000 daily unique visitors. It has logistics teams in 11 cities, including Nanjing, Hangzhou and Suzhou, and has launched overseas branches in Hong Kong and the US.

In June 2016, Shenzhen Capital Group Co Ltd, Sealand Capital, and Yongchuang Capital invested in Epet.com’s $24 million series A+ round.

Epet.com in 2015 raised $8 million in its series A round led by DT Capital Partners.

Also Read:

China: IDG Capital scores 17 exits, 15 portfolio firms cross $1b valuations in 2016

Kaitai completes $17m round in e-commerce firm Niuniuqiche

Niuniuqiche, a Shanghai-based business-to-business new car transaction platform, has raised $17 million in its series A round led by Hangzhou-based Kaitai Capital, a venture capital firm founded by a former partner at SAIF Partners.

Existing investor Zhongjun Fund also joined in the round.

Founded in in 2015, Niuniuqiche is a new vehicle B2B e-commerce platform focused on tier 3 and tier-4 cities in China.

The startup plans to use the fresh capital to upgrade its logistics, financing services, and open offline stores.

Niuniuqiche reportedly provides sales, logistics and finance services to over 100,000 car distributors, and has partnered with over 20 car manufacturers covering over 80 per cent tier-three and tier-four cities in the countries.

Niuniuqiche previously received $1.6 million in its series A round led by Zhongjun Capital in January 2016. Unity Ventures invested an undisclosed sum in the startup a year earlier.

Also Read:

SAIF Partners on road to raise $350m for new India-focused fund

Didi-rival UCAR leads $320m investment in electric car maker Xpeng