Tencent pours USD 120 million into Xiaoshouyi in China’s largest CRM investment in history

The deal is in line with the social giant’s To-B strategy.

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Chinese customer relationship management (CRM) service provider Xiaoshouyi closed a USD 120 million Series E round from Tencent, local media 36Kr reported Thursday.

This is also the single largest investment in China’s CRM sector in history.

Xiaoshouyi, roughly meaning “it’s easy to sell” in English, counts some of the country’s largest corporations including the Industrial and Commercial Bank of China and personal computer vendor Lenovo Group among its clients. Its products are sold between RMB 90 ( USD 13) and RMB 600 (USD 84) per client per month.

Shi Yanzhe, founder and CEO at Xiaoshouyi, said that the joining force between his company and Tencent would create a fully digitized whole-industry-chain solution, helping their clients efficiently connect with third party service providers, sales distributors, as well as end-users.

Tencent, a social and gaming giant in the consumer internet sector, has a vision for China’s budding enterprise services sector.

Shenzhen-based startup EC, a cloud-based sales and marketing tool vendor, closed its Series C+ equity financing round, collecting RMB 80 million (USD 11.6 million) from investors including Tencent, KrASIA reported in July.

After this round, Tencent has become the largest investor in EC.

 

36Kr is KrASIA’s parent company.