Koubei Invests RMB 100 Mln in Online Wedding Service Provider Huanxiong
36Kr.com, 6/15/18
Hangzhou-based Huanxiong Technology, developer of mobile wedding services app Licheng, recently completed approximately RMB 100 mln in Series B funding from online and mobile local life service platform Koubei, an affiliate of Chinese internet conglomerate Alibaba Group (NYSE: BABA). Huanxiong previously won RMB 8-digit Series A funding led by Chinese online ratings, group buy, and food O2O business Meituan-Dianping and Aqua Ventures in June 2016 with participation from Puhua Capital.
Huanxiong is an S2B2C wedding services platform based on a SaaS system, providing design plans and software and hardware procurement and logistics services to enable wedding companies.
Huanxiong has developed nearly 200 design plans for wedding planners and is capable of rendering 3D panoramic and VR effects of design plans in 12,500 wedding venues in over 200 cities. Users select a plan and place the order through Huanxiong's mobile app "Licheng," where it collects a 1% commission. Huanxiong makes sure that all supplies for the wedding are sent to the venue ahead of time and has no other participation in other wedding services. Purchase of a set of wedding props costs about RMB 20,000 and a single rental is about RMB 5,000.
Huanxiong's revenue primarily comes from SaaS fees, order transaction commissions, and supply chain integration.
As of 2017, Huanxiong covered over 2,000 merchants from 450 cities. Huanxiong primarily enables 20,000 service roles, such as wedding planners, emcees, and photographers. Online platform transaction volume reached nearly RMB 100 mln in 2017. Huanxiong aims to cover more than 5,000 merchants and reach RMB 1.0 bln GMV in 2018.
Keywords: wireless M&A Huanxiong Internet funding Koubei Series B Alibaba Group BABA Licheng Software as a Service wedding planning
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