Qihoo's B2C Online Drug Marketplace '360 Haoyao' Wins RMB 100 Mln Series A
Ebrun, 5/26/16
Guangzhou-based Youyi Information Technology, operator of online and mobile B2C drug marketplace 360 Haoyao (literally "360 Good Medicine"), has won RMB 100 mln Series A funding from Lilly Asia Ventures and SoftBank China Venture Capital.
Youyi, an indirect subsidiary of Chinese internet services and security software provider Qihoo 360 (NYSE: QIHU), launched 360 Haoyao in October 2015. The platform was originally called "360 Jiankang" (literally "360 Health"), but changed its name and URL in March this year.
360 Haoyao sells over-the-counter medicines, medical equipment, nutritional supplements, and cosmetics through its website, mobile app, and official account on Tencent's WeChat mobile messaging app. According to the site's own statistics, there are 180,000 different products available for sale. Apart from providing an e-commerce platform for pharmaceutical companies, 360 Haoyao also provides management systems technical support to online pharmacies, including a warehouse management system, an order management system, and supply chain management.
Editor's Note: Customers buying OTC drugs can select products on 360 Haoyao, but when they click the "Purchase Now" button, they will be redirected to the third-party seller's own website (below the "Purchase Now" button 360 Haoyao features a line of text explaining that "After clicking here, you will be redirected to the website of the third-party seller of this product, which has the necessary license [to sell this product.]) Customers can also purchase prescription drugs on 360 Haoyao by following this process: customer selects the desired prescription drug; the third-party seller's pharmacist contacts the customer via phone to consult with the customer about the drug (e.g. the same sort of discussion a pharmacist normally has with a patient at a pharmacy, such as instructions for use); the third-party seller delivers the drug using its own delivery people; and upon receipt of the product the customer pays the delivery person.
Keywords: Lilly Asia Youyi Information Technology e-commerce Internet funding Series A Qihoo 360 QIHU Softbank China Venture Capital 360 Haoyao VC online healthcare
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