Shanghai-based Wanjian Information Technology, operator of online and mobile housing rental services platform Baletu.com, has announced the completion of RMB 300 mln in new funding led by Tiantu Capital, with participation by Series B lead investor DCM Ventures and other previous investors.
Baletu.com was established in 2014, initially focused on small business property owners, including private landlords and institutions. The company has since made headway into the rental market by creating a rental platform that allows users to directly link with landlords, thereby cutting out intermediary agencies. Baletu.com not only functions as an information exchange platform, but also provides a suite of other products including SaaS tools, smart hardware, and financial services.
Currently Bailetu has coverage across 14 cities including Shanghai, Beijing, Shenzhen, Hangzhou, and Guangzhou, and nearly 3 mln residential property listings. With more than 2 mln registered users, the platform has approximately 300,000 daily active users.
In order to verify the status of its listings, Bailetu uses the following measures: landlords use the SaaS tool to update their property's housing information, then the company uses its internal system to divide a given city into different districts and assign staff to track the property in real-time. All on-line listings are automatically delisted after 7 days in order to keep listings up to date and the landlord is responsible for updating their property's availability.
Editor's Note: Chinese IT industry investment information portal IT Juzi reports this newest round of funding as Series C. For more information on this topic, please see Housing Rental Service Baletu.com Secures USD 8-digit Series B Funding , MD 9/21/17 issue.