China-based courier service Tian Tian Express has raised RMB600m ($92m) in what it has called a series A round, which was backed by home appliance manufacturer Qingdao Haier, China Money Network reported today.
CICC Qianhai Development Fund, a joint venture between investment bank China International Capital Corporation and Shenzhen Municipal Government agency Qianhai Financial Holdings, led the round according to Chinese state news agency Xinhua.
The round also included Zhejiang Chengxiang Investments, possibly an affiliate of fur clothing provider Zhejiang Chengxiang. Haier invested through its Haier Venture Capital subsidiary.
Founded in 1994, Tian Tian, which is also known as TTK Express, operates an express delivery service that delivers to some 300 Chinese cities and 2,800 rural counties.
Airline operator HNA Group paid RMB80m for a 60% stake in the company in 2010 which was reportedly sold on to another package delivery service, STO Express, two years later for RMB160m.
The series A round could perhaps represent the reestablishment of Tian Tian as an entity independent of STO, though no firm details have been provided. The cash will be used to expand Tian Tian’s service centre network, and to strengthen its delivery system.