Zhuanzhuan, backed by New York-listed Chinese online classifieds marketplace 58.com, has secured a total of $100 million in its Series D1 round of funding led by Chinese smartphone conglomerate Xiaomi.
Zhuanzhuan, headquartered in Beijing, is an online marketplace on which users can buy and sell second-hand goods. It sells anything from phones, apparels, cameras, to television sets and kitchen utensils.
Apart from Xiaomi, its investment vehicle Shunwei Capital, and Chinese private equity fund Advantech Capital also participated in the latest round, per a statement issued by the company.
Last year, in April, Zhuanzhuan had raised $390 million in its Series C round from state-backed PE fund Greater Bay Area Homeland Investments Limited and Qingyue Fund.
Ever since its inception in 2015, Zhuanzhuan has adopted both organic and inorganic routes to expand its operation. While it launched B2B used goods marketplace Caihuoxia in 2019, in 2020 it merged with second-hand mobile phone trading platform Zhaoliangji.com.
In May this year, Zhuanzhuan claims have recorded over 100% year-on-year growth in terms of sales earnings, while its gross merchandise volume (GMV) has reportedly grown 56%.
Way back in 2017, the company Zhuanzhuan saw a $200 million investment from tech giant Tencent in its Series A round.