Meituan and Tencent-backed Chinese consumer goods platform Yijiupi raises $100m series D+

Fast-moving consumer goods platform Yijiupi has announced a US$100 million Series D+ round of financing from Warburg Pincus, according to private equity deals tracker Pedaily.cn. Founded in 2014, Yiji

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Meituan and Tencent-backed Chinese consumer goods platform Yijiupi raises $100m series D+

Fast-moving consumer goods platform Yijiupi has announced a US$100 million Series D+ round of financing from Warburg Pincus, according to private equity deals tracker Pedaily.cn.

Founded in 2014, Yijiupi’ aims to transform and improve the efficiency of China’s FMCG industry through digitization.

Beginning with B2B services for local wine brands, the company quickly expanded to cover a wider variety of consumer goods categories — spanning beverages, foods, toiletries and other commodities — and has since evolved into a vertically integrated platform, bringing online wholesale and offline delivery services to buyers across more than 130 Chinese cities.

In 2018, Yijiupi surpassed RMB 13 billion (US$1.9 billion) in sales and distributed more than RMB 8 billion in supply chain financing.

The company will use the funds to expand into new cities, widen its retail footprint, and develop its technology for smarter warehousing and supply chain operations.

This latest fundraising round brings Yijiupi total financing to US$300 million, following a $200 million Series D round last September from giants Meituan Dianping and Tencent Holdings which made the startup a unicorn. The company had also previously raised more than RMB 500 million since its Series A in December 2014.