A US$300 million China-focused investment fund, jointly established by global private equity firm TPG and Softbank Ventures Asia in September 2018, has made a strategic investment in a Chinese retail cloud service provider.
The new investment in the firm, whose name can be directly translated into "Wangdiantong" in Chinese, worth over RMB100 million (US$14.48 million), shows information updated on Chinese business data provider Tianyancha on Tuesday.
Founded in 2012 and managed by Beijing Zhangshangxianji Internet Technology Co Ltd, Wangdiantong provides retail companies with software as a service (SaaS)-based digital solutions for business management covering ordering, warehousing, procurement, after-sales service and customer relationship management.
The Beijing-based company has served more than 100,000 customers including China National Cereals, Oils and Foodstuffs Corporation (COFCO), Johnson & Johnson, 3M, and Budweiser among others. Wangdiantong said it has reached an over 100% customer growth rate for five consecutive years, according to its website.
Proceeds of this round will be used for service upgrades, talent recruitment and product development.
The company previously raised millions of U.S. dollars in a series A round, without disclosing the investors and the specific fundraising amount.