Renren Kuaidi, a China-based crowdsourced delivery platform backed by internet company Tencent, has received $50m in series B funding from an unnamed local investor, China Money Network reported today.
Founded in 2011, Renren Kuaidi operates an on-demand local delivery platform that enables anyone to sign up as a courier through the app. The company offers last-mile delivery for consumer goods such as flowers, coffee and presents.
Renren Kuaidi has so far expanded into 27 cities across China and will use the money on further expansion and service improvements.
Tencent previously led the company’s $15m series A round in November 2014, which also included participation from private equity firm Banyan Capital.