Chinese c-store chain Bianli24 to get US$10 million funding
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A 24-hour Chinese convenience-store chain has closed a US$10 million series pre-A funding round led by Sequoia Capital China.
The chain, Bianli24, is a 2017 startup known for its self-service vending machines which shop owners can use to automate sales of popular items and conduct after-hours trading. It plans to use the new funding to expand into third & fourth-tier cities within China, beyond the 13 cities it currently operates in.
The company is distinguished from its competitors in that it operates the machines independently rather than franchise them out. The company says sales from its vending machines tend to make up 15 to 20 per cent of a store’s takings.
Questions & Answers
Q.What is the primary purpose of Bianli24's new funding?
What is the primary purpose of Bianli24's new funding?
The company intends to use the US$10 million funding to expand its operations within China. It specifically plans to move into third and fourth-tier cities, adding to the 13 cities where it currently operates.
Q.How does Bianli24's business model differ from its rivals?
How does Bianli24's business model differ from its rivals?
Bianli24 distinguishes itself by operating its self-service vending machines independently. Unlike competitors, it does not franchise out these machines to other businesses or individuals.
Q.What percentage of a store's total sales typically comes from Bianli24's vending machines?
What percentage of a store's total sales typically comes from Bianli24's vending machines?
According to the company, sales generated from its self-service vending machines usually account for between 15 and 20 per cent of a store's overall takings, contributing a notable portion of revenue.
Q.What is the main function of Bianli24's vending machines for shop owners?
What is the main function of Bianli24's vending machines for shop owners?
Shop owners can use the self-service vending machines to automate the sales process for popular items. They also enable businesses to continue trading outside of regular hours, offering 24-hour service.
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