Shanghai-based apartment rental platform Cjia.com closed its Series A round financing bagging nearly USD 300 million from investors led by private equity firm Boyu Capital, 36Kr reported Monday.
Other investors include Yunfeng Capital, which was set up by Alibaba’s founder Jack Ma, and CCB International, the investment banking arm of China Construction Bank, one of the four largest financial institutions in the country.
Cjia.com was founded in 2015 by Huazhu Group, a Chinese hotel management company owner of the Hanting Inns and Hotels chain, and the investment firm IDG Capital. Huazhu also joined Cjia’s Series A round.
The startup now operates more than 20,000 rooms in cities including Beijing, Shanghai, Shenzhen, and Guangzhou.
Its apartments are priced between RMB 2,500 (USD 350) and RMB 20,000 (USD 2,803), targeting consumers from young graduates to businessmen.
Cjia.com told 36Kr that it has served more than 150,000 individuals since 2016.
China’s apartment rental sector has been a great bet for investors. Danke raised USD 500 million in its Series C round in March, while Ziroom bagged USD nearly 500 million from investors including Tencent in its Series B round in June, according to 36Kr’s earlier reports.
36Kr is KrASIA’s parent company