China-based community buying platform developer Xingsheng Youxuan has secured approximately $2bn in a funding round featuring internet group Tencent and real estate developer China Evergrande Group, Reuters reported today.
Sequoia Capital China led the round, which also featured FountainVest Partners, Primavera Capital Group, KKR and Temasek. It valued Xingsheng at $6bn pre-money.
The money was raised before the lunar new year, but Reuters did not confirm whether Tencent’s $100m investment last month was part of the round.
Xingsheng Youxuan runs an e-commerce business that allows local communities to club together to purchase items in bulk. The company processes more than 8 million daily orders and covers more than 30,000 towns across China.
E-commerce firm JD.com committed $700m in December 2020. Tencent had joined Sequoia, Capital Today, Tianyi Capital, Zhongding Capital and China Renaissance’s Huaxing New Economy Fund for a KKR-led series C-plus round reportedly worth $800m in June 2020.
Primavera Capital led a $200m round in late 2019, with contributions from Tencent, ZhenFund, GSR Ventures, Eastern Bell Capital and KKR. The latter had provided $40m in funding in July 2019, following an undisclosed amount from Tencent two months earlier.
Capital Today, ZhenFund and Jinshajiang Venture Capital supplied an eight-figure dollar amount of series A funding in 2018. Xingsheng Youxuan’s website also lists Tiger Global Management as a shareholder, though further details could not be ascertained.
