Shanghai-based Chedong Information Technology, operator of apparel inventory distribution app Akuncun, recently announced completion of RMB 580 mln in Series B funding led by Legend Capital with participation by Eastern Bell Venture Capital and Xiamen-based C&D Corporation.
Akuncun launched on September 22, 2017 as an agency buying and distribution platform for micro-size businesses. Brand merchants provide supply resources, while small buying agency enterprises offer customer service, marketing, after-sales services, and shipping services. Distributors can use the platform to transfer product information directly to their WeChat contacts for marketing purposes. When users place an order, they are transferred to the platform where they can complete their purchase.
Apparel currently account for between 70%-80% of total items on the Akuncun platform. Since launching in September 2017, the platform has reached nearly 100,000 buying agencies and more than 1,000 partnering brands. Gross merchandise volume reached over RMB 100 mln in May.
Editor's Note: For more information on this topic, please see Apparel Inventory Distribution App Akuncun Secures RMB 100 Mln Series A, MD 1/15/18 issue.