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Last Updated : Oct 11, 2019 08:22 PM IST | Source: Moneycontrol.com

Club Factory raises $100 million in Series D round

The platform is also looking to attract more local sellers.

Moneycontrol News @moneycontrolcom
Representative image
Representative image

Chinese e-commerce firm Club Factory on October 11 announced a fund raise of $100 million in a Series D round, led by Qiming Venture Capital. Other investors such as Bertelsmann, IDG Capital, and some Fortune 500 companies from USA and Asia also participated in the round.

Global markets, especially India, has become a major focus of attention for Club Factory.

It claims to have achieved more than 10 times growth in the past six months for its Indian SME business led by its zero-commission strategy, where the sellers are able to transfer the cost-benefit to the users.

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Club Factory aims to enhance its open platform strategy after this new round of funding by expanding its range of products to deliver more offerings in different categories.

The platform is also looking to attract more local sellers and enhance its data technology capability to make Indian retail more efficient.

"India has the world's second-largest population with the purchasing power parity (PPP) ranking third worldwide. A huge market like this undoubtedly has diversified market demand, but many players pursue a narrow range of products through a closed ecosystem. Indian customers also need another kind of e-commerce platform – a more open one – which provides more options to customers and more vitality to the e-commerce field. This is why Club Factory has been able to rapidly grow in India," said Vincent Lou, founder and chief executive officer of Club Factory.

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First Published on Oct 11, 2019 08:22 pm
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