PE Daily, 8/06/17
Guangdong-based Bangla Network Technology, operator of intra-city courier service platform Paotui.com, has won nearly RMB 10 mln in pre-Series A funding, led by IT company Manyou Technology, and with participation from Hufeng Investment and Ledexian Agricultural Development. The funding will primarily be used for national market expansion, technology R&D, product operation upgrade, and a national support plan for partners.
Paotui.com is a C2C crowdsourced courier platform that uses mobile internet and location-based services to facilitate errands between merchants and consumers. The mobile app and official account on Tencent's (0700.HK) WeChat mobile messaging app provide users with delivery services for pharmaceuticals, packages, or takeout. The app also offers a "waiting in line service," whereby a Paoutui.com crowdsourced person will wait in line at a bank or hospital, until the user arrives to take the spot.
Paotui, founded in June 2014, has already expanded its business operation from cities in Guangdong province to cities in Guangxi, Fujian, Jiangxi, Jilin, Shaanxi, and Anhui. Paotui.com is based in Meizhou and has nearly complete coverage of cities in Guangdong, including Huizhou, Zhenjiang, Yangjiang, Shantou, and Dongguan.
Average daily order volume has reached 10,000 across Paotui's 15 operational cities.