E-commerce group Alibaba has invested a nine-digit renminbi (RMB100m = $14.5m) amount to become the largest shareholder in China-based beauty services provider Helijia, China Money Network has reported.
Founded in 2014, Helijia runs an online platform where Chinese consumers can purchase beauty services such as manicures, hairdressing and facial waxing through a mobile app. It also offers beauty services with Alibaba through the latter’s HemaSuperStore supermarket and consumer e-commerce portal Tmall.
The company raised $50m in a 2015 series C round led by an undisclosed venture capital firm and backed by IDG Capital Partners (then an affiliate of media company International Data Group) and CBC Capital. It had also received $5m in an IDG Capital-led series A round the year before.
Helijia founder Meng Xing had owned a 72.6% stake ahead of Alibaba’s investment this week, according to China Money Network. Its other backers include Qiming Venture Capital, GX Capital and Mason Capital.