Shequ001, a Chinese e-commerce site that specialises in rapid delivery, has secured Series B investment from Banyan Capital. The news was first released as a tip-off from a person familiar with the matter, but Shequ001 reposted the news on its Weibo account today as confirmation. The detailed terms of the deal are still unknown, though some media reported that the round was raised at a whopping valuation of around 2 billion yuan (around US$326 million).

This financing followed a nine-digit yuan Series A investment six month earlier and the company’s angel round was received from Haiyin Venture Partners and ZJ Capital in October 2013.

Shequ001, which means Community001 in Chinese, was established in 2012 by Shao Yuanyuan, Du Guoqiang and Xue Manzi, better known as Charles Xue, a billionaire venture capitalist and one of the most active investors in the Chinese internet industry.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.