Shanghai-based alternative investment firm Greenwoods Asset has led a US$100 million series C round of financing in Yijiupi.com, a whole sale alcohol B2B (business-to-business) e-commerce start-up, according to Chinese media reports.
Source Code Capital, Lighthouse Capital, Meituan-Dianping and HG Capital also participated in the round.
Meituan-Dianping, China’s largest peer review and group buying company, is investing as a strategic investor and plans to incorporate Yijiupi.com’s products to its own platforms.
Founded in 2014, Yijiupi.com previously raised RMB250 million (USS$37 million) from Source Code Capital and Bertelsmann Asia Investments, according to the company’s website.
The company currently operates in 72 cities in China with annual gross merchandise volume of RMB5 billion (US$742 million). Its objective is to reach 150 cities and gross merchandise volume of RMB15 billion (US$2.2 billion) before the end of 2017.
Beijing-based Jiuxian.com, a B2C (business-to-consumer) alcoholic beverage e-commerce firm backed by CDB Capital, Rich Land Capital and Sequoia Capital, was listed on China’s New Third Board at the end of 2015.
Another similar start-up, LeEco-controlled Wangjiu.com completed a US$30 million series A funding round earlier this year.