Aug 26, 2019 (China Knowledge) - Beijing Ubox Online Technology, one of the largest vending machine operators in China, has raised RMB 1.6 bln in the company's latest funding. The funding of Ubox, or better known as Youbao in China, was mainly led by Ant Financial, in which the latter has injected RMB 1.2 bln of capital.
Ant Financial is an affiliate company of e-commerce tech giant Alibaba (BABA). The investment by Ant Financial will not only infused capital into Ubox, but also unlock opportunities for Ubox to work with the retail ecosystem within Alibaba. In an official announcement by Ubox, the company said Ant Financial’s investment and technical empowerment could provide Ubox smart retail solutions and enhance its competitiveness to achieve rapid growth.
This new funding will no doubt enable Ubox to innovate and come up with more competitive solutions for its customers.
Ubox currently operates a network of around 100,000 vending machines across 300 cities in China. The company adopts Internet and digital services to manage the vending machines 24 hours a day, which improve the overall efficiency of the business. Consumers are able to shop for products and complete online payment via Ubox mobile app, after which the items can be collected at Ubox vending machine.
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