(Yicai Global) March 12 -- Chinese imported goods retailer Kuaike Electronic Commerce has raised CNY400 million (USD60 million) in C-round funding led by the eWTP Technology & Innovation Fund.
The Guangdong-based company will use the cash to strengthen its supply chain and sales channels and accelerate its offline expansion to augment market share, tech news portal Iyiou cited founder Wu Yuening as saying. Hongtai Capital Holdings supported the round.
Kuaike will keep investing in product upgrades and branding to improve its cost-performance ratio and user experience to lure in more consumers and increase revenue, added Wu, who is also chief executive.
KK Guan, the firm's online-to-offline retail platform founded in 2015, covers eight major import categories, some of which include snacks and personal care, Wu told tech site 36Kr. It has nearly 10,000 stock keeping units and over 100 physical stores nationwide, he said.
Users are become more accepting of imports and demand is rising as China's overall consumption level increases, according to 36Kr's report. Traditional shopping malls have not really penetrated the domestic snacks or personal care sectors, and China has few imported goods stores. Physical outlets allow for a better experience and faster shopping, Wu said on why KK Guan opted to move offline.
Editor: James Boynton