Wang Jianlin, chairman of Chinese entertainment conglomerate Dalian Wanda Group, recently said that the group's O2O local life services platform Feifan plans to initiate an RMB 10 bln Series A funding round in 2017. The platform intends to reach overall profitability by 2018, to have profits of more than RMB 10 bln by 2020, and to complete a capital market listing in the future.
Wang said that since Feifan was founded, it had focused heavily on R&D and the signing of business partnerships, but had not put sufficient effort into promoting the platform. Feifan will focus on marketing and expansion in 2017, and has plans to sign partnerships with 2,000 large shopping centers this year.
In 2016, Feifan's total number of active users reached 150 mln, including 82.84 mln Feifan registered members. The platform added 1,799 new large shopping centers as partners in 2016, along with 100,000 small and medium-size merchants, 3,600 movie theaters, 410 hospitals, and 2,200 high-end hotels. It also entered into business partnerships for life services with 30 cities including Beijing, Shanghai, Guangzhou, and Shenzhen.
Feifan users are able to make restaurant reservations, purchase movie tickets, and select theater seats via Feifan's mobile app. Users with Feifan accounts can also make offline purchases at stores cooperating with Wanda to accumulate points that can be exchanged for items or coupons at offline stores. When making offline purchases, Feifan users must provide the telephone number with which they registered to obtain points.
Editor's Note: For more information on this topic, please see "Rumor: Baidu, Tencent Drop Out of E-commerce JV with Wanda Group," MD 8/03/16 issue.