Ant Financial, e-commerce group Alibaba’s financial services affiliate, has provided an eight-figure renminbi sum (RMB10m = $1.6m) for China-based electronics rental marketplace Neisha, Kr Asia has reported.
The investment allowed Neisha to close its series A+ round, though Kr Asia did not disclose the identity of any other participants or details of the company’s earlier funding.
Neisha allows users to rent out expensive electronic equipment such as unmanned aerial vehicles, high-grade cameras and smart devices from each other. Its user base grew from less than 10,000 in April 2017 to about 7 million in August, according to Kr Asia.
The funding will go toward strengthening the company’s service and expanding in a bid to reach up to 20 million users.