[Funding alert] Club Factory raises $100M in Series D led by Qiming Venture Partners
The Chinese ecommerce company plans to use the fund to expand its platform by adding more sellers and enhance data technology capability in India.
Ecommerce company Club Factory on Friday said that it has raised $100 million (about Rs 710 crore) in Series C funding from Qiming Venture Partners and other investors.
The company plans to use the fund to expand its platform by adding more sellers and enhance data technology capability in India.
"Club Factory has raised $100 million in a Series D round of financing led by leading venture capital firm Qiming Venture Partners and other top investors, who have a strong global vision with a key focus on investing in the Indian market, including Bertelsmann, IDG Capital, and other Fortune 500 companies from USA and Asia," Club Factory said in a statement.
Last month, Club Factory claimed to have become the third-largest shopping app, replacing Snapdeal, in terms of monthly active users (MAU), on the Android platform in India.
Snapdeal contested the claim of losing the Number 3 slot to Club Factory, saying its monthly active users are nearly seven times that of the Chinese firm.
"We aim to enhance our open platform strategy post this new round of funding by expanding our range of products to deliver more offerings in different categories. We also look to attract more local sellers and enhance our data technology capabilities to make Indian retail more efficient," Club Factory Founder and CEO Vincent Lou said.
According to Lou, Indian customers also need another kind of ecommerce platform, a more open one, which provides more options to customers and more vitality to the ecommerce field. This is why Club Factory has been able to rapidly grow in the country, he added.
Earlier in an interaction with YourStory, Lou elaborated how the ecommerce major is reinventing its game plan in India by luring local sellers, what keeps him interested in cross-border business, and how it is planning to stay in India.
“India is the largest market for us right now, and our ambition is simple - we want to provide a product with better design to people in India at lower prices,” he said.
Disclaimer: Additional background information has been added to this PTI copy for context
(Edited by Suman Singh)
We want to acquire more local talent to increase focus in India: Club Factory's Vincent Lou
How has the coronavirus outbreak disrupted your life? And how are you dealing with it? Write to us or send us a video with subject line 'Coronavirus Disruption' to firstname.lastname@example.org