Dingdang Kuaiya, a Chinese online-to-offline (O2O) drug retailer has closed its Series B+ funding with RMB1 billion (the equivalent of US$150 million in current exchange rates) according to a press statement by the financial advisor of the transaction China Renaissance Capital.
Existing backers reinvesting in the round include SoftBank China, CMB International, and Sinopharm Zhongjin, and newcomers like Taikang Insurance Group, Haier Medical, and Longmen investment also joined per the statement.
Dingdang Kuaiya raised RMB600 million ($89 million) in its of Series B financing in March 2019, after it raised an undisclosed figure in earlier according to a report by KrAsia.
Founded in 2014 by Wenlong Yang, Dingdang Kuaiyao operates its own pharmacies, features around-the-clock medicine deliveries, serving tens of millions of users in about 10 large cities including Beijing and Shanghai.
Taikang Assets Managing Director and Strategic Equity Investment Head Jun Xu said, “Dingdang Kuaiyao provides users with immediate needs through a deep understanding of user needs and timely response to health needs.”
“Relying on its supply chain advantages and offline retail management efficiency, Dingdang Kuaiyao has achieved rapid scale expansion and cross-regional replication through the new drug retail model,” he added.