Nanjing city, Jiangsu province-based rural e-commerce start-up Huitongda has completed RMB500 million (US$77 million) series A+ round of financing from Jiangsu Coastal Capital and Huaxia Life Insurance Co., Ltd., according to Chinese media reports.
The round follows a RMB500 million (US$77 million) series A completed in June this year. Chinese smartphone maker Xiaomi Inc. was reportedly an investor in the series A round.
Founded in 2011, Huitongda provides e-commerce services, particularly home appliances, to China’s rural population.
Its online platform aggregates product information from rural retail stores, which currently amounts to over 1,500 county and township level shops.
The company says it plans to expand its registered retail stores to over 50,000 and also enter the consumer loans area next year.