Dec 20, 2019 (China Knowledge) - China’s B2B2C e-commerce platform Hipac.cn has successfully raised USD 100 mln (RMB 701 mln) in its Series D funding round.
Founded in 2015, the Hangzhou-based Hipac.cn is a cross-border online shopping platform focusing on baby care and mother products. The company is committed to bringing the latest brands and products to consumers through maternal and baby care stores throughout China, especially in lower-tier cities. According to Hipac.cn’s website, the company’s businesses cover over 100,000 stores across China, with a long-term retention of more than 80%.
After the latest funding round, Zhao Chen, founder and CEO of Hipac.cn, announced that the company plans to expand its staff-pool and upgrade its offline brick-and-mortar stores across China. Hipac.cn will integrate supply chain and intelligent platforms to its businesses to improve overall efficiency and meet customers’ preferences.
Zhao added that Hipac.cn has link ups with 200,000 offline brick-and-mortar stores across China. The company will continue its focus in lower-tier cities, and leverage on the Internet to optimize efficiency or business operations and meet rising market demand for baby care products.
Currently, China’s baby care sector is experiencing rapid growth. According to analysts estimates, the total market size of the industry is expected to reach USD 36.1 bln by 2024, up from USD 17 bln in 2018.
The latest funding round was led by South Korean private equity firm Anchor Equity Partners.
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