DHgate receives more funds
By Rich Zhu |
March 23, 2010, Tuesday
|
Print Edition
Print Edition
E-COMMERCE Website, DHgate.com, said yesterday it has completed a third round of fundraising and plans to get listed in overseas markets within three years.
The Website received a "US$10 million-level" venture capital investment ¨? by far the biggest financing in the business-to-business (B2B) online sector, said Wang Shutong, chief executive of DHgate.com.
"The investment has proved that our business model works and now it's time for us to expand," said Wang.
The latest investment came from "a global private equity investor" and former investor Kleiner Perkins Caufield & Byers, Wang said but he declined to reveal more details.
DHgate will use the investment to train employees, improve user experience and explore mergers and acquisitions, "maybe in overseas logistics and payment sectors," Wang said.
DHgate will float shares within two or three years, probably "in overseas markets," Wang added.
Founded in 2004, DHgate.com's trade volume soared 78 percent from a year earlier to 2.5 billion yuan (US$367 million) in 2009.
DHgate.com differs from larger rival Alibaba.com in that it does not ask for payment from users but instead it receives commissions from providing online foreign trade services. Meanwhile, it provides services from payment, logistics and translation.
On the other hand, Alibaba.com only helps users to display company and product information on its Website and charges users a fee for registration.
In 2009, China's B2B market revenue was 5.9 billion yuan and it's seen at 10.1 billion yuan in 2012, said Analysys International, an IT consultant.
The Website received a "US$10 million-level" venture capital investment ¨? by far the biggest financing in the business-to-business (B2B) online sector, said Wang Shutong, chief executive of DHgate.com.
"The investment has proved that our business model works and now it's time for us to expand," said Wang.
The latest investment came from "a global private equity investor" and former investor Kleiner Perkins Caufield & Byers, Wang said but he declined to reveal more details.
DHgate will use the investment to train employees, improve user experience and explore mergers and acquisitions, "maybe in overseas logistics and payment sectors," Wang said.
DHgate will float shares within two or three years, probably "in overseas markets," Wang added.
Founded in 2004, DHgate.com's trade volume soared 78 percent from a year earlier to 2.5 billion yuan (US$367 million) in 2009.
DHgate.com differs from larger rival Alibaba.com in that it does not ask for payment from users but instead it receives commissions from providing online foreign trade services. Meanwhile, it provides services from payment, logistics and translation.
On the other hand, Alibaba.com only helps users to display company and product information on its Website and charges users a fee for registration.
In 2009, China's B2B market revenue was 5.9 billion yuan and it's seen at 10.1 billion yuan in 2012, said Analysys International, an IT consultant.
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