Xingbianli raises $57 million for its checkout-free retail platform

Commentary

China’s retail landscape is taking a new face with checkout-free stores like Bingobox, Xiaomai, and F5 Stores having brought in more than $55 million capital since the start of 2017. Last week, Shanghai-based Xingbianli raised $57 million in Series A round following its $14 million angel funding just last September.  But what sets Xingbianli apart to lead the competition is its targeted marketing combined with urbanized coverage. Currently, it runs eight checkout-free convenience stores and over 10,000 unmanned snack bars deployed in offices, including Internet companies like Alibaba, Baidu, and Ctrip, which are situated across 15 cities in China. Xingbianli’s retail platform which allows customers to shop with a QR account code and payment options via Alipay and WeChat Pay is also well supported by the team’s solid competencies in supply chain and big data. The advanced shopping technology is something investors are banking on in China’s new retail sector which generated revenues of $23 billion in 2016 alone.

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