BEIJING--(Marketwire - Apr 11, 2011) -, the largest group-purchasing website in China, today announced the completion of a series C financing of $110 million. Led by Milestone Capital, the round also included Richemont's affiliates Reinet Fund SCA FIS, Remgro Limited, and previous investors GSR Ventures, Norwest Venture Partners and Tenaya Capital.

"This round of financing will be used for the establishment and market expansion of call centers, same city logistics, as well as Lashou Experience Shops," said Bo Wu, the founder and CEO of "The group-purchasing market of China has huge potential. Because has a very healthy business model, we are attracting the attention of many well-known investment institutions both in China and abroad. The success of the financing will allow for the rapid development of as well as the group-purchasing industry in the future," Bo Wu added.

With this financing, has received the most capital of any company in the group-purchasing industry in China. With the previous two rounds of financing, and since its inception in March 2010, has raised a total of $166M in venture capital.

The core of's success is their e-commerce model which is focused on the word "service." Bo Wu designated 2011 to be the year in which increases customer satisfaction levels as well as customer experiences. In the first quarter of 2011, made numerous moves to increase customer experiences. It launched "Lunch Killer Deals by the Seconds" for white collar customers and 318 seat call centers were established for the purpose of increasing interactions among users. This is the same city logistic system that allows deliveries to be made as fast as 18 minutes, which improves the customer experience. In 2011, Lashou Experience Shops are also launching.

"The group-purchasing business model combines the dual characteristics of e-commerce and the retail industry. It is an explosive force in China and around the world. As the largest company specializing in providing group-purchase related services in China, has already had a wide base of consumers and businesses, which are accumulating valuable operating experiences. We believe that will continue to lead the healthy development of the group-purchasing market in China, providing high quality services for both consumers and businesses," said investors at Milestone Capital and Richemont Group.

"As the Series A lead investor of, we are excited by the company's continued market traction and success. The management has managed to emerge as the clear leader in a crowded market by focusing on providing value to both consumers and merchants," said Richard Lim, Managing Director of GSR Ventures.

The legal counselors for this financing are U.S.-based Latham & Watkins and Fangda Partners of China.


On March 18, 2010, Bo Wu, CEO of, created the group-purchasing model at "Time International" in Beijing where was formally launched. Within a year, has grown to be the largest group-purchasing website in China, and has ranked first in the market in terms of web site traffic, customer support, sales, and company size. It also creatively launched many innovative products such as "Many Groups Per Day," "Lunch Killer Deals by the Seconds," and "Hotel Channels." For more information go to: