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Zhubajie Targets USD 100 Mln Annual Revenue by 2014

Sina Tech, 8/04/11

Zhu Mingyue, CEO of Chongqing-based "Witkey" crowdsourcing platform operator Zhubajie Network, recently said he is optimistic about the company's overseas development and expects annual revenue to exceed USD 100 mln in three years. He added that the company plans to IPO in the US at the appropriate time.

Zhu said that the company's efforts to expand its presence overseas include the launch last month of an English-language website (Witmart.com) and the opening of a branch office in Houston, Texas. In the month since its launch, Witmart.com has already processed more than USD 100,000 in transactions. If, as planned, transactions on the site total an annual USD 1 bln three years from now, Witmart will have surpassed the company's Chinese-language site Zhubajie.com in terms of revenue and total transaction volume.

According to Zhu, transaction volume on Zhubajie.com has averaged 300-500% YoY growth for the past four years. In the first seven months of this year, the site handled more than RMB 200 mln in transactions, greater than the combined sum of all business done over the previous four years, and Zhu predicts that total transaction volume in 2011 will reach RMB 500 mln.

Services for which Zhubajie.com acts as an intermediary include brand design, online marketing, software design, creative design, document writing, and website development. Zhubajie.com has more than 5.3 mln members and vendors from 25 different countries and territories.

Zhubajie allows users to post a request for a particular service along with a price quote, with Zhubajie holding payment in escrow. Other users then upload their proposals, designs, or other finished products, and payment is transferred to the one selected by the client.

Keywords: USA Internet IPO overseas revenue users witkey Zhubajie transaction volume Zhu Mingyue

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