Wanwu Xinsheng Group, formerly known as Aihuishou, has garnered more than $100 million in its Series E+ round of funding co-led by long-term backer JD.com and new investor Guotai Junan International, according to a company statement on Tuesday.
The fresh round was joined by existing investor Fresh Capital while a clutch of new investors including Shanghai International Group’s Shanghai Guohe Modern Service Industry Equity Investment Management, and JD Logistics’ Huihe Capital and Temasek-backed InnoVen Capital also participated in the funding.
Chinese global investment bank Taihecap acted as the exclusive financial advisor.
The fresh proceeds will be primarily used for recycling service upgrade, business-to-consumer acceleration, and international partnership expansion, it said.
Started operation in 2011, the group is a customer-to-business (C2B) e-commerce platform offering recycling and trading solutions for digital goods such as cameras, phones and laptops. Additionally, it also has over 600 brick-and-mortar stores and an on-site service network across 120 first and second-tier cities in the country.
After merging with JD.com’s secondhand goods trading platform Paipai.com in 2019, the group owns three secondhand trading platforms – aihuishou.com, par.aihuishou.com, paipai.com. Besides, it has international presence through AHS Device.
“Aihuishou has forged competitive supply chain system, which advances the development of 3C (computer, communication, consumer electronics) product based recycling industry,” said JD.com vice-president and investment director Ningfeng Hu said in the statement.
“When 5G networks offer an unprecedented leap in bandwidth speeds, we do see great potential in trade-in services,” Xuefeng Chen, CEO, Wanwuhuishou, told DealStreetAsia earlier in April 2020.
In June 2019, Wanwu Xinsheng raised $530 million in its Series E round led by JD.com with the participation of Tiger Global Management, Morningside Venture Capital, Tiantu Capital, Genbridge Capital and Fresh Capital. International Financial Corporation, Cathay Capital and Fortune Venture Capital are among its other early backers.