9Diamond to Raise USD 10-13 Mln in New Funding
Moneyweek, 11/15/10
Lin Yi, CEO of Chinese online diamond retailer Shanghai 9Diamond E-Commerce, operator of e-commerce site 9Diamond, has disclosed that 9Diamond aims to raise between USD 10-13 mln in second-round funding beginning in March 2011, and confirmed the company has plans to IPO. 9Diamond, established in March 2005, previously raised USD 6.6 mln in first-round funding in 2008.
Lin became CEO in 2009, when the company recorded nearly RMB 200 mln in sales, up 89% YoY. To date, 2010 sales are up 40% compared to 2009.
Lin added that the company's operation team and management numbers 43 employees, with a total staff of 121. 9Diamond averages sales of approximately 1,000 diamonds per month, and operates experience stores in Beijing, Shanghai, Chengdu, Hangzhou and Wuxi where customers can personally select their diamond. 9Diamond has more than 60,000 diamonds in reserve.
Keywords: e-commerce Internet IPO 9Diamond second-round Lin Yi HR B2C
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