Sina Tech, 4/02/14
Hao Hongfeng, chairman of Chinese wine and spirits B2C e-commerce site Jiuxian, has announced that the company has received RMB 260 mln in fifth-round funding. According to Hao, the funding will be used towards construction of nation-wide logistics centers and promotion of the Jiuxian mobile app.
Major investors participating in the funding include Rich Land Capital, Oriental Fortune Capital (OFC), and Sequoia Capital, among others. The company has secured a total of five rounds of funding, with the most recent two held at the end of 2013 and beginning of 2014 and totaling RMB 165 mln and RMB 260 mln, respectively.
Jiuxian currently has 5 major operations centers in Beijing, Shanghai, Guangzhou, Tianjin, and Wuhan. The company offers product delivery coverage to more than 2,000 cities and counties across China. According to Hao, Jiuxian hopes to establish warehouse and logistics centers in each provincial capital in China within the next several years, achieving next-day delivery coverage throughout the country.