China-based alcoholic beverage trading service Yijiupi has secured $200m in series D funding from investors including internet group Tencent and local services platform Meituan Dianping, China Money Network has reported.
The corporates were joined in the round by financial services group China Everbright and venture capital firm Source Code Capital. It valued Yijiupi at $1.1bn.
Yijiupi maintains an online platform where businesses can trade alcohol with each other, and has a presence in 83 Chinese cities.
The company plans to leverage Tencent’s WeChat payment system and Meituan Dianping’s delivery capabilities in order to accelerate growth. The series D funding will fund that expansion, in addition to the diversification of its product categories and the enhancement of its warehousing capabilities.
Bertelsmann Asia Investments, a corporate venturing vehicle for media group Bertelsmann, provided about $7.5m in series A funding for Yijiupi in 2014 before joining Source Code Capital to invest a reported $29m in a series B round the following year.
Meituan Dianping first invested in the company as part of a $100m series C round in 2016 that was led by Greenwoods Asset and backed by Source Code Capital, Lighthouse Capital and HG Capital.
