As part of the deal, Tiantu Capital’s partner Zhang Haiyan will join the board of Ganshiqi, according to a company announcement.
The investment is made from Tiantu’s sixth fund, which completed fundraising earlier in August. The latest RMB fund had commitment of over RMB1 billion ($160 million) and will focus on consumer sector.
Founded in 2002, Tiantu Capital has offices in Shenzhen, Beijing and Shanghai. The private equity firm manages six RMB funds and has invested in over 50 companies.
Ganshiqi was established in 2009 and has 150 chains focused on selling steamed buns, a traditional Chinese snack.