Hipac, a China-based online mother and infant product retailer backed by pharmacy chain Jointown Pharmaceutical and diversified conglomerate Fosun, completed a $100m series D round today, 36Kr reported.
Private equity firm Anchor Equity Partners led the round, which included hedge fund manager Hillhouse Capital Group.
Founded in 2015, Hipac operates an e-commerce platform that sells babycare and maternity products at scale to local stores, often in rural areas. Its customer base includes more than 200,000 retailers and it expects its gross merchandise volume to top $2.1bn this year.
The series D proceeds will be used to strengthen the company’s supply chain capabilities, increase headcount and fund strategic acquisitions, Hipac chief executive Zhao Chen told 36Kr.
Hipac had previously secured $50m in a March 2018 series C round that included Fosun, Jointown and venture capital firms Shunwei Capital and Lighthouse Capital Management. The same four investors had supplied $25m in series B funding in July 2017.
Shunwei Capital and Lighthouse Capital Management had already provided about $14m in funding for the company in seed and series A funding according to 36Kr.
