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CHINA BRIEF | Softbank-backed travel and expense reimbursement SaaS provider Huilianyi closes USD 42 million Series C+ round

The firm provides services to companies such as Tencent, Zhihu, and BYD.

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Shanghai Zhenhui Information and Technology Co., Ltd, the developer of business travel and expense reimbursement software as a service (SaaS) Huilianyi, also known as Helios, has closed its RMB 300 million (USD 42 million) Series C+ round, led by China Renaissance’s Huaxing Growth Capital Fund, according to the company’s official website.

Existing investors Softbank China Venture Capital, Blue Lake Capital, and Zcapital all joined this round.

The new funds will help the company to further expand globally, after already entering Singapore, Malaysia, Japan, and the United States. The firm will also launch a new brand called Chaojibaoxiao, targeting medium-and-small-sized enterprises in China.

Incubated by Shenzhen-listed IT consulting firm Hand, Huiyilian has been used by more than one thousand companies in China, including Tencent, electric vehicle maker BYD, health and finance conglomerate Fosun, and question-and-answer platform Zhihu.

The system has processed over 5 million receipts and handled over RMB 10 billion (USD 1.4 billion) in reimbursement, according to the company’s website.

This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.