Zhejiang-based Kuaizhun Chefu Network Technology, operator of B2B auto parts e-commerce platform Kzmall.cn, recently announced completion of RMB 30 mln in pre-Series A funding from individual investors Bu Guangqi, founder of consumer electronics B2C e-commerce website and Tencent (0700.HK) subsidiary 51buy.com, and Qiu Fei, chairman of investment company Xinhuadu Group.
This round of funding will mainly be used for warehouse construction and IT systems upgrades. The company estimates that by 2020 it will have established 2,500 service stations covering every county nationwide, providing one-stop, comprehensive services for over 500,000 auto repair businesses.
Kzmall is a self-operated B2B online mall for auto repair businesses. Its main products are auto parts, and users can place orders via mobile app or PC. The company's self-built regional central warehouses and service station branch warehouses utilize big data-optimized logistics to ensure that the right goods are in stock when needed. The company also provides auto repair shops with one-stop business solutions in areas including finance, insurance, logistics, training, tech support, and IT.
Kuaizhun Chefu previously received RMB 50 mln in angel funding from Juiang Power Technology, a Zhejiang-based manufacturer of lead-acid starter batteries for vehicles.