Hipac, a Chinese e-commerce platform for mother and baby care products, announced on Friday the completion a US$ 100 million series D round of financing led by South Korean private equity firm Anchor Equity Partners, with participation from Asia-focused investment firm Hillhouse Capital Group.
Proceeds of this round will be used to recruit talent, enhance supply chain systems, and upgrade offline stores with intelligent systems,
Founded in 2015, Hipac operates under the so-called business to business to consumer (B2B2C) model, providing products for mothers and babies to supply brick-and-mortar stores located in China’s smaller cities and rural areas.
Hipac has served more than 200,000 stores that sell maternal and baby products in more than 30 provinces in China. The company said that in 2018, its gross merchandise volume (GMV) reached RMB 8 billion (US$1.1 billion), and expects that number to hit RMB15 billion (US$2.14 million) in 2019.
Previous investors of the company include Shunwei Capital, Jointown Pharmaceutical, Fosun International, and Lighthouse Capital and Hillhouse Capital.
(This article is translated from 36Kr. You can see the original article in Chinese here.)