Rumor: Appliance Suppliers Tighten Rules for 360Buy
CCIDnet, 8/22/12
Beijing-based B2C e-commerce platform 360Buy's home appliance suppliers are reportedly reducing shipments, increasing advance cash downpayments, and shortening final payment periods for 360Buy. According to a source at one major appliance brand, the company now requires 360Buy pay 60% in advance, with the remaining 40% due within a 15-day period. One supplier confided that while 360Buy previously averaged RMB 30 mln in outstanding payments, the more strict requirements had reduced this amount to RMB 2 mln.
According to an industry source, the private equity investor who recently withdrew its capital from 360Buy was a US-based Tiger fund that participated in third-round funding.
Editor's Note: For more information on this topic, please see "360Buy Loses Major Private Equity Investor," MD 8/21/12 issue.
Keywords: e-commerce Internet B2C 360buy third-round investment home appliances
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