Chinese ecommerce company Jollychic secures USD 65 mln from G42 Group

Thursday 8 August 2019 10:03 CET | News

Jollychic, a China cross-border ecommerce platform focused on the Middle East, has secured USD 65 million from UAE-based tech company G42 Group in Series C funding round.

According to TechInAsia, Jollychic plans to use the fresh funds to expand its segmentation, improve its logistics system, and develop third-party payment options and e-wallets. The funding will also help the company strengthen its localisation efforts.

Its payment platform, JollyPay, received licenses in the UAE and online payment service qualification in Saudi Arabia. The development will help Jollychic build a “no cash society” in the Middle East.

In 2018, the company secured investment in a Series C round led by Sequoia Capital. Its shareholders include Junlian Capital, Lanxin Asia, Ping An Ventures, CDH Investment, Dachen Venture Capital, and Zhejiang Huarui, among others.

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Keywords: Chinea, ecommerce, cross-border ecommerce, Jollychic, Middle East, G42 Group
Countries: World