Friday, 2024 March 1

Following Beike’s IPO, property portal raises USD 15 million

Beijing-based real estate portal has reaped more than RMB 100 million (USD 15 million) in its Series C2 round from investors that include state-backed funds, the earlier investor Fosun RZ Capital said on its WeChat account on Tuesday.

The round comes about a year after, which is in China also known as Zhuge Zhaofang, closed a RMB 100 million Series C1 round in September 2019.

Founded in 2016, Zhuge provides data and information, including pricing and location on new and second-hand properties that are for rental or sale, in nearly 3 million communities and 850 cities in China. The company also allows more than 800 real estate broking companies to market their services on the platform.

In the RMB 23 trillion (USD 4.4 trillion) real estate transaction market, Zhuge is competing with companies such as Beike (NYSE: BEKE) and 5i5j. Beike, the largest housing platform in China by gross transaction value in 2019, raised USD 2.1 billion in its initial public offering in August. Its market cap has surged from USD 42.2 billion on the first trading day to USD 78.3 billion on Tuesday.

Jingli Song
Jingli Song
I believe Chinese innovation at various level needs to be known by the world.

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