Youkeshu, a China-based e-commerce logistics service provider, has completed a RMB 400m ($64.4m) series B round co-led by two China-based corporate investors, China Money Network reported on Wednesday.
Construction services firm Xiamen Academy of Building Research Group and nutritional products manufacturer Zhuhai Hiashilong Health Food were the investors in question, and were joined in the round by Shanghai NewMargin Ventures and Haitong Innovative Capital Management.
Youkeshu offers logistics services to cross-border e-commerce companies, helping them to save money on sales, storage and shipping. Its main competitor, Baozun, raised $110m in an initial public offering in May 2014.
The funding will be spent on expanding the company’s warehouse infrastructure, increasing its staff numbers and upgrading its IT capabilities.