Chinese Liquor B2C E-commerce Website Gains New Investment Round
Chinese spirits and alcohol B2C e-commerce website Jiuxian.com announced that the company has gained additional investment of CNY200 million.
This is reportedly the third-round of financing for the company in China, following the two rounds completed in 2011.
Wang Xiuming, vice president of Jiuxian.com, said that the investments were from several funds, including Beijing Rich Land Capital. According to Wang, the CNY200 million has already been received.
Wang also claimed that in 2011, Jiuxian.com’s sales reached nearly CNY500 million and the company has realized profits from the sales of liquor. However, due to the huge investment in logistics, the company still saw overall losses of about CNY80 million. For the first half of 2012, the company’s sales allegedly increased by over ten times compared with the same period of last year. For the entire year of 2012, they aim at sales of CNY2 billion while reducing their loss.