Installment Plan E-tailer Qufenqi Raises RMB 3 Bln Pre-IPO Funding
36Kr.com, 7/07/16
Beijing-based Kuaile Shidai Technology, operator of installment plan e-commerce platform Qufenqi.com, today announced completion of RMB 3 bln in its first round of pre-IPO funding, and also revealed that it has formally changed its platform brand to "Qudian.com." Kuaile Shidai Technology will be renamed "Qudian Group," and its products, services, and strategy will all be expanded and improved.
Luo Min, founder and CEO of Qudian Group, said that the pre-IPO funding round was led by Fenghuang Xiangrui Internet Fund, controlled by capital management firm Phoenix Fortune Holdings, and mobile app, mobile game and smart device developer Liaison Interactive Information Technology (002280.SZ). Qudian Group's prior investors also participated in the round. Going forward Qudian Group will enter into a strategic partnership with its investors covering the finance and business domains.
In the future, Qudian Group will expand its business scope and will operate seven major products, including campus consumption financing platform Qufenqi, non-campus consumption financing platform Laifenqi, zero-interest university student loan service Quzhuxue, university student growth fund Quchengzhang, part-time job platform Qujianzhi, internship platform Qushixi, and job-searching platform Qujiuye. The company will expand beyond university students to target the broader young consumer demographic. Qudian Group, established on March 21, 2014, has more than 20 mln users including university students and young blue- and white-collar professionals.
Keywords: online lending financial services university Fenghuang Xiangrui Phoenix Fortune Holdings VC M&A Internet funding Luo Min installment plan 002280.SZ Kuaile Shidai Qufenqi Liaison Interactive e-commerce B2C Series F
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