Guangzhou-based Hannova Information Technology, operator of O2O book lending and sharing app Tongxue Jieshu (literally "Classmate Book Borrowing"), received RMB 7-digit seed funding in June this year from individual investors.
Tongxue Jieshu is a book-sharing platform for elementary and middle school students, allowing students in the same class to lend books to each other. Students request books online and deliver books to each other offline. In the future, students will be able to share books within their same grade level, and finally, within the whole school.
Students can scan books they own with the app, such as a book's cover page or barcode, to store information on the book in the app's back-end system. If a classmate wants to read one of these books, then the owner of the book will receive a notification and can decide whether or not to loan the book.
To check out books, users must pay a deposit of RMB 200. Users can borrow up to two books at a time for a period of 7 days. The platform charges users a fee of RMB 0.5 per day for books that go over the 7-day period. In promotion of the service, Tongxue Jieshu is not currently charging users to rent books, but once the promotion is concluded, the platform will collect a RMB 0.2 service fee each time a user checks out a book.
CEO Ao Hansen said the company plans to set up provincial and municipal agencies through a city partnership system and will look to generate profits through precision marketing, offline events, and knowledge-based paid services.
The platform currently has 150 schools registered nationwide and is available in Guangzhou, Shanghai, Beijing, Shenzhen, Wuhan, and Xi'an, with other cities being added gradually.
Editor's Note: In a telephone interview with Marbridge, a Tongxue Jieshu customer service representative said that any late fees paid by a user will be deposited to the account of the user who lent out the book. The RMB 0.2 service fee, on the other hand, is paid directly to the platform.