The Chinese tea leaf B2C e-commerce platform Maimaicha.com, which is operated by Shandong Huaxia Chalian, has announced that it has completed its A-round financing and gained nearly CNY100 million investments from four organizations in China.
As one of the four investors, Luxin Venture Capital reportedly confirmed the news and said its wholly-owned subsidiary signed an agreement with Huaxia Chalian on October 10, 2011, to invest CNY20 million to acquire CNY1.932 million new registered capital of Huaxia Chalian, accounting for 10.26% of its total registered capital after the investment increase.
Ma Yufeng, chief executive officer of Maimaicha.com, revealed that Huaxia Chalian will use the financed capital to expand its upstream industry chain, integrate tea production bases, update software and hardware of Maimaicha.com, and establish retail branches in six Chinese cities, including Beijing, Shanghai, Guangzhou, Chongqing, Xi'an, and Jinan. According to Ma, their new branch in Jinan has been established and the new branch in Beijing is currently undergoing construction.
Public files show that Shandong Huaxia Chalian was founded in August 2008 and it operates the tea leaf B2C e-commerce platform Maimaicha.com and the tea leaf group buying website Maichatuan.com. It also owns 115 retail chain stores, two large tea processing plants and a 2,000-mu tea garden. Its main businesses include tea production, tea packing, tea products development, tea specialty stores, and online sales of tea products.