Private equity firm Warburg Pincus supplied $100m in series D-plus funding on Saturday for Yijiupi, a liquor trading platform backed by local services provider Meituan Dianping and internet company Tencent.
Founded in 2014, Yijiupi created an online alcoholic beverage trading platform for businesses but has since diversified into a wider range of food and drink products as well as household goods.
The company, which operates in 130 cities across China, also provides a range of supply chain services to businesses, including warehousing, financing and supply chain management. It will use the cash for geographical growth and technology development.
The latest funding comes six months after Yijiupi received $200m in a series D round featuring Tencent, Meituan Dianping, venture capital firm Source Code Capital and asset management group China Everbright, at a $1.1bn valuation.
Yijiupi had previously raised $100m in a 2016 series C round led by investment manager Greenwoods Asset Management that included Meituan Dianping, Source Code Capital, private equity firm HG Capital and investment management firm Lighthouse Capital.
Bertelsmann Asia Investments, media group Bertelsmann’s local investment arm, is also among Yijiupi’s backers, having participated in its $29m series B round in 2015 alongside Source Code Capital, having provided a reported $7.5m in funding the year before.
