Yunwangwandian was established about a month ago and has been valued at CNY 25 billion before investment.
On the evening of November 30, Suning announced that its Yunwangwandian has completed an A round of funding, led by Shenzhen Capital Group, with the financing amount of CNY 6 billion.
According to public information, Yunwangwandian was founded on November 11, 2020, as a new subsidiary of Suning. As for strategic investors, in addition to the Shenzhen Capital Group, there are Shenzhen Luohuyinling Fund and Sense Time.
The core business of this new subsidiary mainly includes providing users and merchants with integrated transaction services such as e-commerce and local Internet, providing retailers and suppliers with retail cloud services of the supply chain, logistics, after-sales, and various formats, and building-related R&D and operation management team with supporting the core business.
More importantly, Suning's various self-operated physical stores will join the local Internet trading platform provided by Yunwangwandian. By sharing the resources and capabilities of both parties, Suning can achieve multi-scene experiences, low-cost customer acquisition, fast logistics and convenient after-sales services.