Wangjiu.com, an alcohol e-commerce platform controlled by LeTV Holdings Co Ltd., has completed a series A round of financing, securing nearly RMB200 million (US$30 million) from Chinese investors, according to a company announcement (in Chinese).
Investors include a couple of private equity vehicles managed by the domestic asset management arms of ICBC International and CCB International.
The company says it will use the proceeds to improve its online platforms and mobile apps, as well as to broaden its product offerings.
Founded in 2011 by former vice-chairman of LeTV Holdings Li Rui, Wangjiu.com is competing in a crowded e-commerce vertical that has seen a lot of venture capital investments.
Last week, Legend Holdings Ltd. just made a RMB400 million (US$61 million) strategic investment in Liquor Easy, an O2O (online-to-offline) start-up providing 20-minute express delivery of liquor products to Chinese consumers.
Last October, Jiuxian.com, backed by China Development Bank Capital Corporation Ltd. (CDB Capital), Rich Land Capital and Sequoia Capital, listed on China’s National Equities Exchange and Quotations (NEEQ) after raising around RMB930 billion (US$150 million) in six venture rounds.