Qianmi, a Chinese e-commerce system and service provider, announced 50 million yuan (around US$8) of Series A financing led by Bangsheng Capital, a venture capital affiliate of GOVTOR Capital. The funding will be used to accelerate the construction of service outlets nationwide, according to CEO of the company Shi Zhengchuan.

Launched in Oct. 2013, Qianmi is the wholly-owned subsidiary of Ofpay.com, a leading e-commerce platform for digital products in China. Qianmi is now focused on providing e-commerce services in five industries of local life, mobile, gaming, fast moving consumer goods and office supplies.

The company is principally engaged in the development and operation of two major e-commerce platforms: E-life and Yunxiao. E-life is a local life e-commerce system, offering payment solutions to various bills for mobile phone, game credits, domestic fees, credit cards, AliPay, etc. This service is going after entrepreneurs, chain stores and property management companies. Yunxiao is a comprehensive e-commerce platform providing distribution, retailing and wholesaling services to medium-and small-sized enterprises that sell physical products.

The startup now claimed more than 2,000 enterprise clients with over 300K outlets nationwide and a monthly turnover of 2.5 billion yuan. According to data from Qianmi, its e-commerce system now covers 80% of first- and second-tier cities, and 95% of third- and lower-tier cities.

image credit: Qianmi

Emma Lee (Li Xin) was TechNode's e-commerce and new retail reporter until June 2022, when she moved to Sixth Tone to cover technology and consumption. Get in touch with her via lixin@sixthtone.com or Twitter.

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