Chinese resale platform Plum raises USD 100 million

Written By L. Danie
 

©Gabrielle Henderson via Unsplash

China-based luxury resale platform Plum (also known as Hongbulin) has secured $100 million in a Series C round. The investment comes from ZhuanZhuan Group, a general marketplace borne out of 58.Com, the largest horizontal in China.

©Plum

The strategic investment will see Plum develop databases, service standardization, and enhance user experience. Besides, the investment will also see Plum sell its used fashion items on ZhuanZhuan’s marketplace and will help the group process more brands and goods.

Founded in 2017, Beijing-based Plum operates both consumer-to-business-to-consumer (C2B2C) and business-to-business-to consumer businesses (B2C2B). Founded in 2015, Zhuanzhuan’s second-hand online platform covers dozens of categories, including mobile phones, 3C digital, books, clothing, shoes and hats, maternal and child products, furniture, and household appliances, mainly in the C2B2C model.

L. Danie
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