Club Factory raises $100M to expand its lifestyle e-commerce platform in India
Curated by: Startups
Club Factory, a Chinese e-commerce platform that sells fashion and beauty items and electronics accessories, has raised $100 million in a new financing round as it looks to expand its footprint in India.
The new financing round — Series D — was led by Qiming Venture Partners, Bertelsmann, IDG Capital “and other Fortune 500 companies from the U.S. and Asia,” the five-year-old Hangzhou-headquartered startup said. Club Factory, which raised $100 million in its previous financing round early last year, has raised about $220 million to date.
Club Factory has amassed more than 70 million users on its platform, of which about 40 million live in India. The startup cited figures from app analytics firm App Annie to claim that Club Factory is now the third-largest e-commerce platform in India, surpassing once a market-leader Snapdeal.
Club Factory does not charge local sellers any commission fee, incentivizing them to cut down the cost of their items and expand offerings. The number of sellers on its platform in India has grown by 10X in the last six months, the startup claimed. Club Factory, which has about 5,000 sellers in India, plans to double that figure by year-end, it said.