Chinese maternal and child supplies e-commerce operator Beibei.com announced that the company has closed its third round of investment.
The round totaled USD100 million and its investors included Capital Today, New Horizon, Banyan Capital, and IDG Capital Partners. On the completion of the financing, Beibei.com will be valuated at nearly USD1 billion.
Beibei.com was launched in April 2014 and its major products are maternal and child supplies such as children's clothing, children's shoes, and toys. Prior to this, the company gained investments from IDG Capital Partners, Banyan Capital, and former 91 Wireless CEO Hu Zemin. Beibei.com adopts the model of discount sales of branded products. The website will select dozens of brands every day for discount sales in a limited period of time. Its professional procurement team will control product selection and quality, in addition to making personalized recommendations to users.
Statistics from Beibei.com show that they currently have over ten million users and most of them are young mothers between 25 and 35. The website also boasted over 5,000 cooperating brands and over CNY200 million sales, of which over 70% were completed on mobile devices.
Zhang Lianglun, chief executive officer of Beibei.com, revealed that the company will use the newly financed capital to improve consumer experience, support medium and small brands, as well as expand new businesses.