Sep 11, 2019 (China Knowledge) - Chinese technology giant Tencent Holdings (0700) has invested an additional USD 300 mln into Zhuanzhuan in a recent series B funding round.
Founded in 2015, Zhuanzhuan is a Chinese-based online marketplace in which users can set up their own stores to sell second-hand goods or purchase products from other sellers. The platform records more than 10 million user transactions annually. Zhuanzhuan currently operates as a second-hand goods trading unit of China's largest online marketplace, 58.com (WUBA).
In an official statement by Zhuanzhuan’s chief executive Huang Wei, the additional funding by Tencent reflects the investors’ confidence in the business model and operations of the company, which has improved much of its operational efficiency and quality control in 2019. Tencent has previously invested USD 200 mln in Zhuanzhuan's series A funding in April 2017.
Following this transaction, 58.com will remain as the majority shareholder of Zhuanzhuan. The exact shareholder ratio was not disclosed.
This latest funding is expected to close in Q4 2019.
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