Beijing-based Yizhantong E-commerce, operator of B2B building materials e-commerce platform Qiancaivip.com (literally "1,000 Materials VIP"), has announced the completion of RMB 30 mln in strategic funding this month from Henan-based textile retailer Yuan Tong Group. Qiancaivip previously completed RMB 13 mln in angel funding from an individual investor at the end of 2016.
Qiancaivip is a one-stop construction supplies procurement platform aimed at small- and mid-sized engineering firms. Qiancaivip.com self-operates its online store, which includes nearly 20,000 SKUs in 280 product categories related to fire control, building, decoration, and electric systems.
Qiancaivip has a 90% repeat purchase rate from users who average more than 10 purchases per month. The platform's monthly revenue is nearly RMB 30 mln, primarily serving businesses in Zhengzhou and Hainan.
Qiancaivip partners with Taiwanese electronics manufacturer Foxconn to provide warehousing and logistics services. Qiancaivip also provides supply chain financing services through partnerships with third-party financial companies.