Renren Kuaidi, a crowdsourced logistics platform, announced on Monday that it received USD 50 million in a new round of financing. AllChinaTech reached out to the company but more details on funding have yet to be disclosed.
“We will use this round of financing to expand our business scale, improve our market share and competitiveness, and recruit more talent,” said Xie Qin, CEO and founder of the platform, according to Tencent News.
Founded in 2011, Renren Kuaidi, or “people’s delivery” in English, is a third-party logistics service provider based on a crowdsourcing model. People, especially those who have a lot of spare time, can register on the company’s app and the platform will outsource its delivery services to them, similar to the way Uber outsources drivers. Users who perform the delivery services can also make deliveries to clients who live on their routes home so as to earn extra money if they are full-time employees elsewhere. The people who make the deliveries can obtain a 20% commission at the most. Additionally, users can also buy and deliver goods to those who place an order.
The platform completed a round of Series A financing worth USD 15 million in December 2014 led by China’s tech giant Tencent and Banyan Capital.
Many more companies are receiving funding in China’s crowdsourced logistics industry. Last week, JD Daojia, an O2O business arm of China’s e-commerce giant JD.com, merged with Dada, China’s largest crowdsourced logistics platform.
(Top photo from http://www.cnepaper.com.)