Li Yanzhu, founder of social e-commerce company Hangzhou Juan Gua Network (Mogujie.com), has announced the company has landed two rounds of funding totaling nearly USD 20 mln. Mogujie's monthly revenue is currently RMB 3 mln.
First-round funding came from Bertelsmann and Zhaoxin Capital, while second-round funding came from Qiming Venture Partners. Li said the site's founders included several former Taobao employees, and currently Mogujie employs over 60 people.
Mogujie currently receives 55 mln daily pageviews from PC users and has over 4 mln registered users, with 800,000 to 1 mln new users added monthly. Mobile daily unique visitors has reached 100,000.
Over 90% of the products featured on Mogujie are on Taobao, driving an average of 4 mln transactions to Taobao each day. According to Li, Mogujie has a 6-10% conversion rate for Taobao transactions, compared to an industry average of 0.2-0.5%.
Mogujie's revenues are primarily from Taobao's Taoke ad union, with half of products listed on the site supported by Taoke.