On May 29, 2020, ShihuiTuan secured $81.4 million in a Series C1 round of financing led by GGV Capital and followed by Joy Capital, Qiming Venture Partners, INCE Capital, and Cygnus Equity. Cygnus Equity is also the exclusive financial advisor of the investment.
INCE Capital continued to invest in ShihuiTuan after its deep participation in the B round financing. “Since I met Ying Chen two years ago, INCE Capital has joined every round financing of ShihuiTuan. We think the community-based retail mode can create disruptive effects. And we believe Ying Chen’s team can make the best use of this mode with their strong ability in every aspect,” noted by Steven Hu, a Founding Partner of INCE Capital, We are thrilled to see that ShihuiTuan has quickly grown into an industry leader, so we want to keep supporting it to develop into the greatest new-retail company in the future.”
According to ShihuiTuan, this round of financing will be used to build nationwide storage and warehousing centers, to enhance the supply chain capabilities, and to further improve the efficiency and user experience of terminal deliveries. ShihuiTuan had secured over $100 million funds previously.
Established in June 2018, ShihuiTuan is a leading brand in China's community-based retail industry. Its business has covered more than 100 cities in China. According to ShihuiTuan, it is one of the fastest-growing companies in the group-buying field as its services are rolled out in over 100 cities nationwide. Its gross merchandise volume (GMV) exceeded 650 million yuan in April 2020 with the number of daily orders reaching 1.6 million at the peak. The company has realized sustainable and healthy growth as a whole.