SBCVC-Backed Dingdang Kuaiyao Nets $150m in Series B+ Round

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By DealStreetAsia / Oct 21, 2020 05:49 PM / Finance

SoftBank China Capital (SBCVC)-backed Chinese online-to-offline medicine platform Dingdang Medicine Express (Beijing) Technology Co., Ltd, also known as Dingdang Kuaiyao, has secured 1 billion yuan ($150 million) in a Series B+ round of financing, according to a company statement on Tuesday.

Chinese insurance and financial service provider Taikang Insurance Group, Haier Biomedical and Longmen Investment were the three new investors joining the round.

Existing investors who re-upped in the round were SBCVC, China Merchants Bank’s CMB International Corporation Limited, and Sinopharm-CICC, a healthcare-based joint fund co-launched by state-owned Sinopharm Group and CICC Capital in 2016.

China Renaissance acted as the financial advisor for the transaction.

Prior to the latest round, Dingdang raised an undisclosed sum from state-owned HuNan Hi-Tech Investment Group and Beijing-based asset management player Skycus Capital earlier in August 2020.

In 2019, SBCVC had led a $90-million Series B round funding in Dingdang Kuaiyao with the participation of Sinopharm-CICC, CMB International and CICC Qizhi. In 2018, SBCVC had exclusively invested $45 million in Dingdang Kuaiyao.

The company will deploy the latest proceeds towards market expansion, product and service innovation, as well as business ecosystem advancement.

Set up in 2014, Dingdang is a mobile-friendly, drug-selling platform that aims to door-deliver drugs within 28 minutes. It operates in 10 provinces and cities in Beijing, Shanghai, Guangdong, among others.

The platform also offers online medical consultation services since 2018. “Dingdong has operated thousands of physical stores across Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Tianjin, Nanjing, Hangzhou and Wuhan,” said Xiaowei Ni, CEO, Haier Biomedical, in the statement.

Zhuhai Dingdang Sihao Investment is the largest shareholder in Dingdang Kuaiyao with a 21.89 per cent stake, while founder and CEO Wenlong Yang owns 14.16 per cent. Its major shareholders include SBCVC (8.53%), CMB International (7.47%), Tong Dao Capital (6.84%) and CICC Qizhi (2.82%).

Contact editor Marcus Ryder (marcusryder@caixin.com)

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