Tencent, Meituan Dianping lead $200m investment in online liquor retailer Yijiupi

By Nguyen Thi Bich Ngoc

September 24, 2018

Tencent Holdings and its portfolio on-demand services platform Meituan Dianping have reportedly led a $200 million financing in Beijing-based B2B liquor trading firm Yijiupi.

The investment round is said to value the online liquor retailer at $1.1 billion, allowing it an entry into the unicorn club. China Everbright Limited and previous backer Source Code Capital participated in the round.

The proceeds of the investment will be used for diversifying platform categories, improving the warehouse system as well as expanding to more geographies, according to reports in the Chinese media.

Yijiupi raised its $100 million Series C funding in 2016. The investment was led by Shanghai-based Greenwoods Asset Management, with participation from Source Code Capital, Light House Capital, Meituan-Dianping and HG Capital.

The company had previously secured around $37 million.

Established in 2014, Yijiupi has covered 83 cities in 26 provinces across China as of June, local media reports cited the company’s data. Yijiupi also claims a current monthly gross merchandise value (GMV) of more than 1 billion yuan through 40,000 SKUs, and expects the GMV in 2018 will hit 20 billion yuan.

Yijiupi was reported to take a big bet on the development of B2B business in China. More developed markets like the US have yielded several large B2B companies with tens of billions of dollars in valuation. Meanwhile in China, the market is dominated by traditional channels with some 6.8 million small stores, creating scope for larger B2B supply chains to be born.

Singapore Reporter/s

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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.
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