Club Factory, the Chinese e-commerce platform, recently raised US $ 100 million in a round of financing for strengthening its position in India.
As per the company, the fresh round Series D was led by Qiming Venture Partners, Bertelsmann, IDG Capital and other US and Asian Fortune 500 companies.
The company had already raised about US $ 100 million in its previous financing round early last year, and with this the total amount raised till now has reached US $ 220 million.
The decision was made realising its huge customer base in India, which is around 40 million out of the total 70 million users around the globe. The figure was cited from app analytics firm App Annie to claim that it is now the third largest e-commerce platform in India, surpassing Snapdeal.
Moreover, as per the company, in last 6 months there was a 10 per cent increase in the number of sellers too. The company is planning to double the number of sellers in India by year-end, which currently is about 5,000.
“At the same time, we have also pioneered to strengthen the ‘store-within-platform’ concept in India’s e-commerce industry, allowing direct contact between buyers and sellers through our application,” said Vincent Lou, Co-founder and Chief Executive of Club Factory, in a statement.