Chinese cloud service provider bags $14.4m from TPG, SoftBank Ventures Asia

By Sarah Yuniarni

May 22, 2019

Wangdiantong, a Chinese retail cloud service provider, has secured $14.48 million in funding from a China-focused venture fund launched by private equity firm TPG and SoftBank Ventures Asia, the company said in a statement on Wednesday.

TPG and SoftBank Ventures Asia had launched a $300-million China fund, China Ventures Fund I, last year.

Founded in 2012, Wangdiantong is a tech-driven SaaS-based cloud service provider, offering retail customers business solutions ranging from warehousing, procurement, ordering, and the after-sales service.

Wangdiantong chief executive Xiao Bin said in a statement that the financing will be used to improve services value and expand the company’s retail digital solutions. The company will also use the funding to seek high-quality talent in the industry.

In the past seven years, Wangdiantong claims to have served several conglomerates, including global pharmaceutical and consumer goods company Johnson & Johnson, Chinese food processing company COFCO, and China Mengniu Dairy Company.

The TPG-SoftBank Ventures Asia joint fund was reported to have bagged the backing of South Korea’s biggest internet company Naver. The fund targets promising early-stage startups in China in a number of sectors including artificial intelligence, deep tech, media and contents.

TPG Capital closed its seventh Asia private equity fund in February this year with over $4.6 billion in capital commitments.

Related Stories

Private Equity

TPG sells Cancer Treatment Services International to Varian for $283m

The sale marks the first exit for AHH, which invests and builds early stage single-specialty healthcare delivery businesses through TPG Growth.

Venture Capital

SoftBank Ventures Asia eyes India-focused bets in fintech, AI, healthtech

SoftBank Ventures Asia will look to sign cheques worth $10-20 million in the consumer internet space.

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.
APPLY NOW

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.
APPLY NOW