Greenwoods Asset, Shanghai-based alternative investment firm, has led a US$100 million (£81.46M) series C round of financing in Yijiupi.com, a whole sale alcohol B2B (business-to-business) e-commerce start-up, Chinese media reported.
Source Code Capital, Lighthouse Capital, Meituan-Dianping and HG Capital also participated in the round.
Meituan-Dianping, China’s largest peer review and group buying company, is investing as a strategic investor and plans to incorporate Yijiupi.com’s products to its own platforms.
The company currently operates in 72 cities in China with annual gross merchandise volume of RMB5 billion (£604.44 million). It has targeted 150 cities and gross merchandise volume of RMB15 billion (£1.79 billion) before the end of 2017.
Beijing-based Jiuxian.com, a B2C (business-to-consumer) alcoholic beverage e-commerce firm backed by CDB Capital, Rich Land Capital and Sequoia Capital, was listed on China’s New Third Board at the end of 2015.