Sep 09, 2020 02:31 PM

Goldman-Backed Chinese Pet Services Firm Boqii Files for $115 Million U.S. IPO

Boqii Co, a Chinese pet products and services platform backed by Goldman Sachs Group Inc, has filed to raise $115 million in an initial public offering in the U.S., partly to finance its research and development initiatives.

The company’s filing with the U.S. Securities and Exchange Commission was highly redacted. It intends to list on the New York Stock Exchange under the ticker symbol BQ.

The filing comes about three months after Boqii raised over $60 million in fresh funding.

Shanghai-based was launched in September 2008 and started as an online pet encyclopedia, as well as a website for pet enthusiasts to exchange and share their pet raising experience.

The company later entered into the e-commerce field, delivering pet-related products like dry and wet pet food, treats and snacks, shampoo, clothes, and beds before it further expanded offerings in 2014 to cooperate with offline pet stores and hospitals to provide pet fostering, grooming, sterilization, and healthcare services, among others.

“Boqii was founded for the love of pets. With this belief, we are inspired to empower the pet ecosystem and instill love and trust into pet parenting,” the company said.

Boqii, which has partnered with over 410 brands, plans to use the net proceeds from the offering to further invest in content innovation, membership system development, and R&D, including big data technology, among others.

The company offers customers access to 17,853 SKUs as of June 30 and it delivered more than 43.2 million online orders to its customers from its inception.

Boqii generates revenues primarily from transactions completed on its online sales platform and sales to physical pet stores it partners with.

For the fiscal years ended March 31, 2019 and 2020, net revenues generated from the sale of products were 798.0 million yuan ($117 million) and 767.5 million yuan. It reported a net loss of $24.9 million in the fiscal year ended March 31. In the second quarter, the company posted revenue of $33.7 million and a loss of $6 million.

In its Series C round, collected $102 million in what it claimed to be the largest investment in the Chinese pet industry in February 2016. The deal was backed by investors including Goldman Sachs and Chinese commercial bank China Merchants Bank, as well as’s executives who injected a combined $4 million.

Goldman Sachs also invested $25 million in’s Series B round in February 2014. It first poured money into the company’s Series A round in October 2012 along with JAFCO Asia, a subsidiary of Japanese venture capital firm

According to Chinese market researcher iiMedia Research, the scale of China’s pet market has reached nearly 171 billion yuan in 2018 and is poised to hit more than 295 billion yuan this year.

This story was originally published by Deal Street Asia

Contact editor Yang Ge (

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