Shanghai-based logistics solutions provider FineEx has closed its Series D round, collecting RMB 500 million (USD 71 million) from Baidu Capital, the private equity investment arm of Chinese search engine Baidu, and a fund set up by Chinese and Russian governments, 36Kr reported on Friday.
FineEx, which was set up in 2006, provides warehouse storage for companies producing or distributing cosmetics, personal care products, food, shoes, clothes, and small home appliances. The company also handles deliveries and returns. More than 1,500 companies count among its customers, including shoemaker Xtep (HKG: 1368), hair products maker Schwarzkopf, and cosmetics producer Perfect Diary.
Li Pingyi, founder and CEO of FineEx, told 36Kr that new funds will be used to enlarge its warehouse network, to improve its warehouse and distribution system, and improve its storage facilities. The company currently has about 220 warehouses, and plans to increase that number to 500 in three years.
36Kr is KrASIA’s parent company.
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.