Maimaicha.com, a Chinese B2C vertical provides online retail of tea today announced raising RMB hundreds of millions (US$ 15 million) in Series A round of funding from four domestic venture capitals.
The funding will go towards website upgrading, warehousing expansion as well as diving deeper into upstream industry chains, according to the Shandong (eastern China) province-based company.
Ma Yufeng, its CEO said the company has set up one warehouse in Ji’nan city of Shandong province at which it headquartered while a Beijing warehouse is currently under construction.
Founded in Oct. of 2010, Maimaitea.com is positioned to be an online tea retailer with unique strengths as its parent company possess its own tea plants as well as tea processing factories.
As of now the tea vertical boasts daily PV of about 400k with daily orders of over 5k.
Chinese online marketplace is seeing amounting competition as Tencent, Shanda among other internet giants are in scramble for the fruitful waterfront with their latest initiatives, like B2C new comer Pinju.com by shanda and QQ Wanggou by Tencent. However, verticals focusing on a niche market still have their own edges as compared to general B2C sites.