Friday, 2024 April 19

Tencent pours extra USD 80 million into online liquor trading startup Yijiupi

Yijiupi, an online beverage B2B trading platform, received USD 80 million in additional funding from returning investor Tencent which the company called a “strategic investment”, according to 36Kr.

The Beijing-based company, which was set up in 2014, finished its last funding round in March with USD 100 million from Warburg Pincus. Yijiupi said at the time that the funds raised would be used for market expansion and R&D.

Yijiupi’s early backers include big-name investors Meituan Dianping, Source Code Capital, and Bertelsmann Asia Investments.

The company currently operates in 26 provinces and 140 cities, covering all first and second-tier cities. The GMV (Gross Merchandise Volume) of the platform is set to pass RMB 20 billion (USD 2.8 billion) this year, a steep increase from last year’s RMB 13 billion (USD 1.8 billion) record, according to Yijiupi.

Yijiupi said it was also exploring new retail models, helping to transform conventional liquor stores, convenience stores, and supermarkets into new retail terminals.


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