Club Factory Raises $100 Million In Series-D Funding Round
E-commerce company Club Factory said it has raised $100 million (about Rs 710 crore) in funding from Qiming Venture Partners and other investors.
The company plans to use the fund to expand its platform by adding more sellers and enhance data technology capability in India.
"Club Factory has raised $100 million in a series-D round of financing led by leading venture capital firm Qiming Venture Partners and other top investors who have a strong global vision with a key focus of investing in the India market, including Bertelsmann, IDG Capital, and other Fortune 500 companies from U.S. and Asia," Club Factory said in a statement.
Last month, Club Factory claimed to have become the third-largest shopping app, replacing Snapdeal, in terms of monthly active users on Android platform in India.
Snapdeal contested the claim of losing the Number 3 slot to Club Factory, saying its monthly active users are nearly seven times that of the Chinese firm.
We aim to enhance our open platform strategy post this new round of funding by expanding our range of products to deliver more offerings in different categories. We also look to attract more local sellers and enhance our data technology capabilities to make Indian retail more efficientVincent Lou, Founder and Chief Executive Officer, Club Factory
According to itsfounder Lou, Indian customers also need another kind of e-commerce platform, a more open one, which provides more options to customers and more vitality to the e-commerce field. This is why Club Factory has been able to rapidly grow in the country, he added.