In this round, GBA Greater Bay Area Fund and Qingyue Fund Investment
learned that Zhuanzhuan Group had received a total of US$390 million in investment from GBA Greater Bay Area Fund and Qingyue Fund before the Spring Festival. According to reports, this is the first financing since the strategic merger of Zhuanzhuan and Find Liangji to form a new Zhuanzhuan group in May 2020.
Zhuanzhuan is positioned as an idle second-hand trading platform. At present, it has gradually developed from an early C2C trading model to a C2B2C-based platform, providing quality inspection, 7-day return without reason, and one-year warranty. According to the Zhuanzhuan team, in the current zero-commission and fiercely competitive market environment in the domestic second-hand C2C field, Zhuanzhuan provides value to buyers and sellers through heavy services and achieves user and revenue growth.
The picture comes from the transfer
In 2020, Zhuanzhuan merged with Liaoliangji. While maintaining the development of the entire C2C category, Xinzhuan Group will focus more on the second-hand 3C field in terms of business. The Zhuanzhuan team stated that the Zhuanzhuan Group has accumulated its own accurate traffic through services. Under the influence of multiple factors such as the epidemic, the group’s revenue growth rate will exceed 200% in 2020, and it has more than doubled the growth for three consecutive years.
In terms of core business, in addition to the second-hand 3C retail business, Zhuanzhuan began to develop its mobile phone C2B business. According to the transfer team, since March 2021, the daily volume of the group’s mobile phone C2B business has been consistently stable at 15,000 units.
Since 2020, the domestic second-hand idle trading market has developed rapidly. Data from MobData Research Institute shows. In 2018, the annual transaction volume of second-hand idleness in China was 742 billion, in 2019 it was 964.6 billion, and in 2020 it rose to 1,254 billion.
Zhuanzhuan Group also announced that it will reach a comprehensive strategic cooperation with Qingdao West Coast New Area to build the group’s national headquarters and the country’s largest multi-category second-hand intelligent quality inspection center. According to reports, the main investor of the Qingyue Fund is the 3A state-owned asset platform of Qingdao West Coast New Area-Rongkong Group. The transfer team stated that this investment is also the first investment with a state-owned background in the second-hand industry. The GBA Greater Bay Area Fund, another investor in this round of financing, has invested in Harbin Travel and Daily Fresh Food, and is also one of the proponents of corporate ESG and sustainable development.
For this round of financing, Huang Wei, CEO of Zhuanzhuan Group, said: “I am very happy to be recognized by the top state-owned assets and US dollar funds. Second-hand circulation is a bitter and slow business, but it is also a socially significant cause. Zhuan Zhuan Group will continue to increaseThe construction of second-hand transaction infrastructure and investment in technological innovation including the strong performance service system will bring users a better service experience, promote the effective circulation of idle resources, promote green consumption, and contribute to low-carbon and sustainable social and economic development. “