Private equity firms Orchid Asia Group and TPG have led a US$110 million series C round in Chinese enterprise solution provider Duiba, according to the latter’s announcement released today.
Founded in 2014, Duiba Group provides solutions for companies to obtain and manage users on their apps. The company operates a SaaS platform Duiba and an interactive advertising platform Tui’a.
Duiba launches marketing campaigns such as giving away red packets – or small monetary rewards – on WeChat to help businesses to obtain new users. It also designs customer loyalty programs. Its charges RMB19,800 (US$2,892) and RMB36,800 (US$5,376) for its basic and premium software per year.
Duiba serves customers in various industries including restaurants, retail, real estate, automobile. Some of its customers include China Merchants Bank, FAW Group, Visa Inc, iQiyi, and Ele.me.
Duiba’s CEO Chen Xiaoliang said his company has first-mover advantage and has cultivated good relationships with more than 10,000 app developers, positioning it to provide the most comprehensive tools for businesses’ marketing and user acquisition needs.
Proceeds of this round will be used for research and development and to expand its businesses by extending its services to more industries and more businesses, especially traditional offline businesses.
In November 2015, the company raised a RMB30 million series A round led by Yunyi Investment. In 2016, it raised an undisclosed amount of series B round from unnamed investors.