Ping An Ventures Leads $200M New Round In Mogujie

Mogujie, a Hangzhou-based e-commerce platform based on social networking tools, has completed US$200 million new round of financing led by Ping An Ventures, the venture capital arm of Ping An Insurance (Group) Company of China, Ltd., according to Chinese media reports.

Tiantu Capital also participated in the round.

The company says it will use the proceeds on improving its current products and exploring Internet finance services to its online shoppers.

Mogujie last raised US$200 million in a new round of funding led by Hopu Investment Management Co. and TBP Capital in August 2014. The round valued the company at US$1 billion, according to its website.

Founded in 2011, Mogujie received several million U.S. dollar series A funding from TBP Capital and Bertelsmann Asia Investments in 2011.

In January 2012, the company completed tens of million U.S. dollar series B financing from Qiming Venture Partners and Bertelsmann, according to its website.

Mogujie currently has monthly active users of 35 million, with monthly gross merchandise value of US$48 million.