Huitongda, a China-based e-commerce logistics company focused on rural communities, has received RMB500m ($77m) in series A+ funding from insurer Huaxia Life Insurance and Jiangsu Coastal Capital, China Money Network reported yesterday.
Founded in 2011, Huitongda supplies home appliances to China’s rural population, aggregating product information from a network of rural retail stores that can deliver their products through the company.
Huitongda closed a series A round in June this year also sized at RMB500m that reportedly included smartphone manufacturer Xiaomi, though no firm details have been disclosed.
The company intends to use the money to extend its rural store network from around 1,500 stores to more than 50,000, and to enter China’s busy consumer loans sector in 2016.