Suning.com, owner of Carrefour China, has launched a new ecommerce platform called Yunwang Wandian in December.
Securing CNY6bn (US$915.5m) in funding
The retailer has spun off its online retail platform and e-commerce services activities into a newly formed business called Yunwang Wandian with approximately US$915.5m in funding.
The capital was provided by Shenzhen Capital Group, SenseRobot Management, Ningbo Xianshi Enterprise Management and Central China Asset Management at a reported US$3.8bn valuation.
Launched to provide integrated online services
Yunwang Wandian was launched during this year’s Singles’ Day shopping festival to integrate Suning.com’s online businesses.
The new platform provides consumers, merchants, retailers, and suppliers with integrated services covering supply chain, logistics, and after-sales services. Suning’s offline shop will also sell on Yunwang Wandian.
The retailer said it will use the funds for customer acquisition, research and development, and upgrading operations.
Established in 1990 and based in Nanjing, Suning.com is a well-known omnichannel retailer in China that sells consumer electronic products and home appliances. It acquired Carrefour China in 2019.