Ameba Capital has led a RMB300 million (US$46 million) sseries A funding round in Taoshihui, an e-commerce platform targeting China’s rural population, according to Chinese media reports.
CITIC Capital, QF Capital and Alibaba’s former chief operating officer Li Qi also participated in the round.
Founded in 2013 by an ex-Alibaba executive, Taoshihui says it will use the proceeds to build more rural service outlets and improve logistics infrastructure.
The start-up claims that it covers more than 160 counties and over 8000 villages in rural regions in China, with a monthly turnover of RMB1 billion.
Around 77.14 million rural consumers shopped online in 2014, up 40.6% year-on-year, according to China’s Ministry of Commerce.