Industrial goods e-commerce platform "Yimaigongpin" raises tens of millions of dollars in Series C funding
Make it easier, cheaper, and more convenient for small businesses to buy industrial products.
Recently, Yimaigongpin, a leading Chinese industrial e-commerce platform, completed a Series C financing round of tens of millions of dollars, led by Anchor Equity Partners, with follow-on investments from both new and existing shareholders including Borun Capital, Gaorong Ventures, Qiming Venture Partners, Shunwei Capital, Matrix Partners China, and Jiawei Gan. Gaorong Ventures had previously invested in Yimaigongpin's Series B round in early 2021, and participated again in this round.
Since its founding, Yimaigongpin has been dedicated to providing long-tail spot supply chain services for the vast number of small businesses, rapidly penetrating and expanding across the Yangtze River Delta region. The company has maintained annual sales growth exceeding 200%, with gross margins nearly doubling in the past six months. Long-term customer retention (36 months or longer) exceeds 50% and continues to rise, while dollar-based annual retention is approaching 200%.
Solving the "Impossible Triangle" of Industrial Automation Procurement
Industrial automation is a typical discrete manufacturing industry, characterized by highly customized production processes, highly non-standardized products, and extreme fragmentation among both upstream component suppliers and downstream customers. Production is often unplanned — the cycle from receiving an order to delivery is short, and procurement timelines are frequently compressed to just a few weeks. Against this complex supply chain backdrop, stocked SKU count, spot availability rate, and cash flow form an "impossible triangle," making it extremely difficult to meet non-standard, fragmented procurement needs at low cost. From day one, Yimaigongpin has focused on using data and systems capabilities to solve this "impossible triangle" and improve industry efficiency.
After years of refinement, Yimaigongpin has built a data and algorithm-driven rapid-turnover stocking system that achieves inventory turnover 5-10x faster than industry average, with 1.1 million sellable SKUs, an 80% spot availability rate, and a 95% on-time shipping rate — delivering a superior procurement experience for customers.
Additionally, Yimaigongpin has made continuous upstream breakthroughs, establishing its own non-standard mechanical parts processing factory and developing an increasing number of private-label categories. In 2021, the company's central warehouse was upgraded to an AGV-automated facility, increasing picking efficiency by 3x and shipping accuracy by 2x — enabling better fulfillment accuracy and timeliness for fragmented orders.
Better Industrial Retail Services for Small Manufacturing Businesses
Hongtao Zhu, CEO of Yimaigongpin, stated: "China is a major manufacturing country, and it deserves more advanced retail brands serving the manufacturing sector. We hope to have the opportunity to provide better industrial retail services to the small businesses that account for 90% of Chinese manufacturing. We also hope to offer digitally-enabled channels and fulfillment capabilities to a large number of service-oriented upstream suppliers, working together to make it easier, cheaper, and more convenient for small businesses to buy industrial products."
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