JD MRO, a maintenance, repair and operations subsidiary of China-based e-commerce group JD.com, has secured $230m in series A financing, the latter revealed on Friday.
The capital was supplied by venture capital firms GGV Capital and Sequoia Capital China, and CPE, the private equity arm of asset management group Citic last month.
Operating as part of JD.com’s JD Business division, JD MRO provides maintenance, repair and operations technology and services for industrial clients in addition to running a smart purchasing platform and offering supply chain services.
The deal valued JD MRO at approximately $2.15bn, according to information released through JD.com’s Q1 2020 financial results. It generated approximately $300m in income in the first quarter while increasing revenue 20.7% year on year to $20.6bn.
The valuation effectively makes the spinoff the fourth JD.com subsidiary to be valued in excess of $1bn, following healthcare services business JD Health, logistics services provider JD Logistics and JD Digits, the digital technology producer formerly known as JD Finance.
