China’s Club Factory raises $100 mn for India expansion
October 18, 2019 - China
Chinese e-commerce platform Club Factory, which sells fashion and beauty items and electronics accessories, recently raised $100 million in a round of financing with plans to expand its footprint in India. The fresh round—Series D—was led by Qiming Venture Partners, Bertelsmann, IDG Capital and other US and Asian Fortune 500 companies, the company said.
The Hangzhou-headquartered company raised $100 million in its previous financing round early last year and has raised about $220 million till now.
Out of more than 70 million users on its platform, about 40 million are from India. The five-year-old start-up cited figures from app analytics firm App Annie to claim that it is now the third-largest e-commerce platform in India, surpassing Snapdeal.
The number of sellers on its platform in India has grown by ten times in the last six months, the company claimed. With about 5,000 sellers in India, Club Factory plans to double the figure by the year-end.
“At the same time, we have also pioneered to strengthen the ‘store-within-platform’ concept in India’s e-commerce industry, allowing direct contact between buyers and sellers through our application,” said Vincent Lou, co-founder and chief executive of Club Factory, in a statement.