An industry source revealed today that Beijing-based cosmetics B2C Yinruo Tiancheng Technology Co., Ltd. (Zhiwo.com) has received a new round of funding from IDG scaled at tens of millions of USD.
Formerly known as 36Tuan.com, the cosmetics group buy site recently announced that in addition to a change in name and relaunch at Zhiwo.com, it will also adopt an e-commerce platform operating model.
Editor's Note: Zhiwo has confirmed to DoNews that it has received eight-digit USD funding from IDG and Chinese internet company Baidu (Nasdaq: BIDU) to be invested in after-sales services, warehouses, improved delivery speeds, and other areas. The site will focus on sales of cosmetic products. For more information on this topic, please see "Rumor: Baidu Invests in Cosmetics Group Buy Site," MD 9/21/11 issue.