Investment firm Zhongding Capital has led a $45m series A round for Caihuoxia, a business-to-business subsidiary of China-based online marketplace Zhuan Zhuan Group, at a $140m valuation, KrAsia reported on Saturday.
Zhuan Zhuan operates an online platform that lets users buy and sell a range of second-hand consumer goods such as electronics and household appliances.
Caihuoxia offers a business-to-business service which works with recycling and retail platforms as well as second-hand mobile device merchants, leveraging artificial intelligence and big data technology to increase transaction rates and streamline the selling process for pre-owned goods.
Zhuan Zhuan was launched in 2015 as part of classified listings operator 58.com before it was later spun off in 2017 with $200m in series A funding and resources from internet group Tencent.
Both corporates participated in Zhuan Zhuan’s $300m series B round in September 2019, after which 58.com remained its majority shareholder. the company had raised $390m from Greater Bay Area Homeland Development Fund and Qingyue Fund in April 2021.