Shanghai-based Yesmro, an e-commerce platform for maintenance, repair, and operations (MRO) of industrial consumer goods, closed its Series A round bagging USD 10 million, 36Kr reported Wednesday.
Matrix Partners China led this round, while Shunwei Capital and earlier investor Fortune United Partners also joined.
The new funds will be used to enlarge the company’s products category, improve the after-sales service, increase technical support, and improve the supply chain capability and service level.
The platform, which went online in August 2016, has gained 10,000 users by December 2018, hosting more than 400,000 parts needed for MRO by small and medium-sized manufacturing companies.
Zhu Hongtao, CEO of the firm, said that small companies with an annual output below RMB 20 million (USD 2.8 million) account for 90% of all the companies in the manufacturing sector, taking 40% of the market size.
He added that his company has developed a data analysis platform to facilitate stocking up, enabling it to build a long-tail supply chain for these companies at lower costs.
While China’s consumer-facing e-commerce has developed quickly with platforms such as Alibaba’s Taobao and Tmall, JD.com and Pinduoduo, e-commerce targeting specific sectors is still in a rather early stage.
Chinese e-commerce site Zhenkunhang, which describes itself as a one-stop-shop for industrial products such as production and maintenance equipment, chemicals and raw materials, closed its Series D financing round, collecting USD 160 million from investors led by Tencent, KrASIA reported in June.
36Kr is KrASIA’s parent company