DDMap, one of the largest life services provider in China, announced today receiving Series D round of financing led by Citi Ventures and Alibaba. The Shanghai-based startup didn’t disclose the exact sum though.
The company just secured US$ 40 million from a round led by F&H in this April. It had greatly expanded the number of its sub-station and stuff, in case of facing the competition of market at offline in O2O business after the investment.
The funding would go towards speeding up and consolidating the process of DDMap mobile ecommerce effort on O2O front, according to Xu Longjiang, CEO of the company. He also noted that the partnership could help the service grow faster since they(Alibaba) “have a lot of great resources and pay channels”. As for Citi Ventures, Xu thinks it’s a “win win situation” for both of them as “DDMap is looking forward to investigating potential ways we can work with Citi to bring value to Citi customers”.
DDCoupon, one of the company’s series of life services apps, has accumulated more than 13 million users, according to the company’s stats. DDcoupon offers up more than 100k coupons ranging from dining, entertainment, beauty salons to personal care services to smartphone holders in nearly 38 tier-1 and tier-2 cities in China. Users can look around the coupon information by scan a QR code.
Zhang Hongping, Managing Director of Alibaba Capital Partners said that they believe DDMap could capitalize on its seven plus years’ operating experience in the market and seize new opportunities in mobile Internet era in addition to the promising prospect of O2O market in China. He also expected that DDMap could collaborate with multiple BU of Alibaba to co-flourish ecommerce ecosphere.