China-based logistics services provider FineEx has completed a RMB500m ($70.8m) series D round featuring Baidu Capital, the growth equity arm of internet group Baidu, 36Kr reported on Friday.
The corporate was joined by Russia-China Investment Fund, the private equity venture jointly formed by the Chinese and Russian governments. Investment bank China Renaissance advised FineEx on the round.
FineEx provides logistics services such as warehousing, product delivery and return handling for e-commerce sellers. Its customers include hair product supplier Schwarzkopf and cosmetics brand Perfect Diary in addition to small and medium-sized online merchants.
The series D funds will be channelled into expanding the company’s warehouse network, enhancing its distribution mechanism and developing smart warehousing technology, FineEx founder and chief executive Li Pingyi told 36Kr.
Outsourced services provider Transcosmos invested an undisclosed sum in FineEx in a 2013 transaction that gave it a 20% stake, before chemicals producer Transfar and venture capital firm Addor Capital added $31.7m in series B funding two years later.
VC firm Chenhui Venture Partners led a series B-plus round of undisclosed size for the company in 2016. It reportedly raised about $58m from online lender Qianbao, SinoOcean Capital, Oriental Jiafu Asset Management, Aurora Private Equity and Dyee Capital in May 2018.
