China-based local delivery platform Renren Kuaidi has raised $15m in series A funding from internet portal Tencent and venture capital firm Banyan Fund, QQ Tech reported on Tuesday.
Renren Kuaidi, which translates as ‘everyone express’ was founded in 2011. The company’s platform operates similarly to that of Uber, letting anyone who signs up to the mobile app and meets its set criteria to become a courier and deliver packages, with a cut of their fee going to the company.
The service specialises in food and gift deliveries, and users can rate their courier’s performance.
Renren Kuaidi currently operates in six Chinese cities. The capital will support the hiring of new staff and operating expenses.