Club Factory, [https://crunchbase.com/organization/club-factory]a Chinese
e-commerce platform that sells fashion and beauty items and electronics
accessories, has raised $100 million in a new financing round as it looks to
expand its footprint in India.
The new financing round ? Series D ? was led byQiming Venture Partners,
Capital ?and? other Fortune 500 companies from the U.S. and Asia,? the
five-year-old Hangzhou-headquartered startup said. Club Factory, which raised
$100 million in its previous financing round early last year, has raised about
$220 million to date.
Club Factory [https://www.clubfactory.com/]has amassed more than 70 million
users on its platform, of which about 40 million live in India. The startup
cited figures from app analytics firm App Annie to claim that Club Factory is
now the third-largest e-commerce platform in India, surpassing once a
Club Factory does not charge local sellers any commission fee, incentivizing
them to cut down the cost of their items and expand offerings. The number of
sellers on its platform in India has grown by 10X in the last six months, the
startup claimed. Club Factory, which has about 5,000 sellers in India, plans to
double that figure by year-end, it said.
A screenshot of Club Factory?s homepage
?At the same time, we have also pioneered to strengthen the
?store-within-platform? concept in India?s e-commerce industry, allowing direct
contact between buyers and sellers through our application,? said Vincent Lou,
co-founder and chief executive of Club Factory, in a statement.
He added, ?We have changed the status of the Indian e-commerce industry that
monopolized information of buyers and sellers, allowing SMEs to own their
customers and run their business better. All this, combined with our strategy to
reduce the transaction costs of buyers and sellers and allow more local players
to enter the ecosystem, has worked very well for us in India.?
The startup said in the coming months it will also bulk up more items on its
platform and introduce new product categories.