Electronics Recycling Site Aihuishou Completes RMB 400 Mln Series D
iFeng Tech, 12/21/16
Shanghai-based Yueyi Information Technology, operator of electronic products recycling platform Aihuishou.com (literally "Love to Recycle"), has announced the completion of RMB 400 mln Series D funding in a round jointly led by Cathay Capital and Shenzhen Fortune Venture Capital, and with participation by a number of existing and new stakeholders, including Tiantu Capital, e-tailer JD.com (Nasdaq: JD), Morningside Ventures, Greenwoods Asset Management, and Shenzhen Qianhai Fund of Funds.
Aihuishou also announced the launch of two new services in the crowdsourcing and consumer finance fields, called Aijihui and Xianghuanji, respectively.
"Aijihui" applies a crowdsourcing model to offline channel partnerships. Currently, Aijihui cooperates on smartphone sales with home appliance and consumer electronics retailers Gome (0493.HK) and Suning (002024.SZ) and handset retail chains Beijing Digital Telecom (D. Phone) (6188.HK) and Funtalk Century Telecommunications.
Aihuishou launched a program in October allowing users to rent rather than buy a new iPhone 7/7P with no deposit and no down payment. This service has been now rebranded to "Xianghuanji" (essentially "enjoy upgrading to a new phone") and extended beyond iPhones. Aihuishou has partnered with handset vendors Huawei Technologies and Meizu to provide installment-based leasing services for a number of Android-based smartphones, and is working with Ant Financial, the financial services affiliate of Chinese e-commerce conglomerate Alibaba Group (NYSE: BABA), to create solutions for credit rating and payment experience through Ant Financial services Sesame Credit and Ant Check Later (pay-by-credit service).
Aihuishou has set up nearly 200 environmentally friendly recycling service stations in 18 first- and second-tier cities across China, according to its self-reported statistics. As part of this effort, Aihuishou has established close partnerships with platforms and brands, such as e-tailer JD.com, Android device maker Xiaomi, Korean electronics manufacturer Samsung, and consumer drone maker DJI Technology.
With the completion of the current round of funding, Aihuishou will draft a plan and set a schedule for a domestic IPO, revealed co-founder Sun Wenjun.
Editor's Note: For more information on this topic, please see "Electronics Recycling Site Yueyi Wins USD 60 Mln Series C," MD 8/04/15 issue. Cathay Capital announced on its website that its investment in Aihuishou's current round of funding was USD 15 mln.
Keywords: M&A Qianhai Fund of Funds Sun Wenjun handset smartphone Internet IPO funding recycling Series D Morningside Tiantu Capital Fortune Venture Capital Greenwoods JD.com Cathay Capital JD Yueyi Aihuishou VC
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