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- Aihuishou
Aihuishou Revenue, Valuation, Funding & Investors
Aihuishou is valued at $2.5B as of June 2019.
Last Aihuishou valuation
$2.5B
Strategic investment · Jun 2019
Last Aihuishou funding round
$100M
Series E · Sep 2020
Aihuishou revenue
$473M
Series E · Jul 2018
Key investors in Aihuishou
JD.com
5Y Capital
Tiantu Capital
Tiger Global
IFC Venture Capital Group
Fresh Capital
About Aihuishou
Aihuishou is a Beijing-headquartered C2B recycling platform for second-hand electronics in China, specializing in mobile phones, laptops, and tablets from brands like Apple, Samsung, Huawei, and Xiaomi across over 30 categories. Operating via an online bidding system on aihuishou.com, it ensures competitive pricing for sellers and provides one-stop disposal services with nationwide pickup. Acquired by JD.com in 2018, the platform processes millions of devices annually, supporting circular economy initiatives.
Founded
2009
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$473M (Jul 2018)
Valuation
$2.5B (Jun 2019)
Aihuishou Valuation
Aihuishou is currently valued at $2.5B, based on its strategic investment round in June 2019.
The $500M round was led by JD.com, with participation from GenBridge Capital, Tiger Global, 5Y Capital, Tiantu Capital and Fresh Capital.
Aihuishou's valuation has grown 1.7x from $1.5B at its Series E in July 2018 to $2.5B in June 2019, across 2 priced rounds.
Aihuishou valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jun 2019 | Strategic investment | $2.5B | - |
| Jul 2018 | Series E | $1.5B | 3.2x |
Aihuishou Revenue
Aihuishou's latest recorded revenue is $473M, as of its Series E in July 2018. At a $1.5B valuation, that implies a 3.2x revenue multiple.
Aihuishou revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jul 2018 | $473M | $1.5B | 3.2x | Series E |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Aihuishou Funding History
Aihuishou has raised a total of $876M across 6 funding rounds.
Aihuishou's first fundraising round was a $8M Series B in July 2014. The most recent completed round was a $100M Series E in September 2020.
Aihuishou funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2020 | Series E | Guotai Haitong Securities (lead); JD.com (lead); Huihe Capital; Shanghai GuoHe Capital; Fresh Capital; InnoVen Capital | $100M | - | - |
| Jun 2019 | Strategic investment | JD.com (lead); GenBridge Capital; Tiger Global; 5Y Capital; Tiantu Capital; Fresh Capital | $500M | $2.5B | Aihuishou is a China-based electronics recycling and second-hand goods trading platform founded in 2011. The company operates a consumer-to-business platform where individuals sell used electronics such as laptops and mobile phones through an online bidding process, with Aihuishou extracting rare materials from devices and selling them back to manufacturers. The platform also provides second-hand trading services through its Paijitang B2B platform and has expanded into emerging markets in Eastern Europe, Africa, and Latin America. On June 3, 2019, JD.com announced it would lead a $500 million funding round in Aihuishou that valued the company at $2.5 billion post-money. As part of the investment, JD.com merged its own second-hand e-commerce platform, Paipai (valued at CNY 5 billion or approximately $724 million USD), into Aihuishou. According to regulatory filings, JD.com invested approximately $20 million in cash in exchange for non-controlling interest, with the remainder of the strategic investment comprising exclusive traffic resources for five years. This round made JD.com the largest shareholder of Aihuishou. Other investors participating in the round included existing shareholders Morningside Venture Capital, Tiger Global Management, Tiantu Capital, GenBridge Capital, and Fresh Capital. The merged entity combined Aihuishou's online and offline recycling operations with Paipai's second-hand trading platform to build a comprehensive service offering for consumer electronics. Paipai's General Manager Wang Yongliang became co-president of the merged company. Aihuishou had previously raised $428 million in funding as of the June 2019 round, including a $150 million Series E round led by Tiger Global in July 2018 (backed by JD.com), a $60 million Series C round in 2015, and a $58 million Series D round in 2016. By 2021, when the company filed for a U.S. IPO under the brand name ATRenew, its net revenues had grown to 4.9 billion yuan from 3.9 billion yuan in 2019, with total consumer products transactions rising 48.4% year-over-year. |
| Jul 2018 | Series E | Tiger Global (lead); JD.com | $150M | $1.5B | Aihuishou is a Chinese electronics recycling and recommerce platform founded in 2011 by Kerry Xuefeng Chen and headquartered in Shanghai. The company operates a business model that enables consumers to sell secondhand electronics such as smartphones and laptops, harvesting rare materials from devices and selling them back to manufacturers or reselling functioning items through secondary marketplaces. In July 2018, Aihuishou raised $150 million in funding led by Tiger Global Management with participation from existing investor JD.com, valuing the company at over $1.5 billion. This round brought total funding to $278 million and was a key milestone in the company's journey from its 2012 seed round of $2 million from Morningside Ventures through multiple institutional funding rounds including a $60 million Series C in 2015 and a $58 million Series D in 2016. By 2021, before its June IPO on NYSE under ticker RERE, the company had established significant market dominance in the secondhand 3C (computer, communication, and consumer electronics) trading sector, with its GMV exceeding that of the next five largest platforms combined. The company later rebranded to ATRenew in September 2020 and established strategic partnerships with JD.com's Paipai Marketplace, expanding its business into urban green industry and recycling services through multiple distribution channels including chain stores, self-service kiosks, and online platforms. |
| Dec 2016 | Series D | Cathay Capital Private Equity (lead); Fortune Venture Capital (lead); JD.com; Tiantu Capital | $58M | - | Aihuishou is a Shanghai-based consumer-to-business platform founded in 2011, specializing in recycling used electronics like smartphones, laptops, and other 3C products through an online bidding process, followed by material extraction and resale to manufacturers. The company had established over 200 recycling stores and operations centers across China by late 2016, focusing on first- and second-tier cities with plans to expand into smaller cities via partnerships. In December 2016, Aihuishou raised approximately $58 million (400 million yuan) in a Series D round co-led by Cathay Capital Private Equity and Fortune Venture Capital, with participation from Tiantu Capital, JD.com, Morningside Ventures, and other existing investors. The funds were intended to expand operations, improve services, launch new business lines like smartphone rentals, and support growth in lower-tier cities. In 2016, Aihuishou reported average monthly revenue exceeding 200 million yuan, annualizing to over 2.4 billion yuan, and achieved profitability starting in September. The platform processed nearly 5 million cellphones that year, up from under 3 million in 2015, and by end-2016 recycled over 150,000 units monthly, significantly outpacing competitors. A 2017 case study noted 5.2 million mobile phones processed with turnover of about RMB 1.5 billion in 2016, though monthly sales exceeded 200 million by September 2017. Post-Series D, Aihuishou continued raising capital, including a $60 million Series C in 2015 with Morningside, IFC, JD.com, and Tiantu, and later a $500 million round led by JD.com in 2019 valuing the merged entity with Paipai at over $2.5 billion, where JD became the largest shareholder. The company positioned itself as China's leading C2B electronics recycling platform, building barriers through data-driven pricing, partnerships like with JD.com, and a vast network of stores and cooperative outlets exceeding 30,000 by 2017. CEO Chen Xuefeng indicated IPO preparations starting in 2017, preferring a domestic listing. |
| Aug 2015 | Series C | Tiantu Capital (lead); Morningside Venture Partners; JD.com; 5Y Capital; Greenwoods Investment; IFC Venture Capital Group | $60M | - | - |
| Jul 2014 | Series B | International Finance Corporation; 5Y Capital; IFC Venture Capital Group | $8M | - | - |
Who has invested in Aihuishou?
16 investors have backed Aihuishou across its funding rounds, including JD.com, 5Y Capital, Tiantu Capital, Tiger Global, IFC Venture Capital Group and Fresh Capital.
Lead investors include Guotai Haitong Securities, JD.com, Tiger Global, Cathay Capital Private Equity, Fortune Venture Capital and 1 other investor.
Aihuishou Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | Aug 2015 | ||
| 3 | Participant | Jul 2014 | ||
| 3 | Lead | Aug 2015 | ||
| 2 | Lead | Jul 2018 | ||
| 2 | Participant | Jul 2014 | ||
| 2 | Participant | Jun 2019 | ||
| 1 | Lead | Sep 2020 | ||
| 1 | Participant | Aug 2015 | ||
| 1 | Participant | Jun 2019 | ||
| 1 | Participant | Sep 2020 | ||
| 1 | Lead | Dec 2016 | ||
| 1 | Participant | Jul 2014 | ||
| 1 | Participant | Sep 2020 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Aihuishou
Aihuishou has acquired 1 company to date.
Last acquisition by Aihuishou was on June 3rd 2019. Aihuishou acquired Paipai for undisclosed valuation.
Latest Acquisitions by Aihuishou
| Description | Paipai is a Chinese online marketplace specializing in second-hand goods trading, recycling, and leasing. Acquired by JD.com in 2014 and merged with Aihuishou in 2019, it operates on JD's ecosystem with millions of listings for electronics, apparel, and furniture. Beijing-based Paipai supports C2C transactions, live auctions, and verified refurbishment services across 300 cities in China. |
| HQ Country | |
| HQ City | Beijing |
| Deal Date | 3 Jun 2019 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Aihuishou acquisitions and their M&A valuation multiples. Start Free Trial | |
Investments by Aihuishou
Aihuishou has invested in 3 companies to date.
Latest investment by Aihuishou was on July 5th 2021. Aihuishou invested in Xianghuanji in their $9M Series B round.
Latest Investments by Aihuishou
| Description | Xianghuanji is a marketing company running an online cell phone rental platform. The service follows a subscription model, enabling clients to rent mobile phones through a single platform. | Trocafone is a São Paulo-based e-commerce marketplace for refurbished smartphones and electronics in Latin America since 2013. It acquires devices from sellers, certifies quality post-refurbishment, and resells with warranties, providing pre-paid shipping labels for hassle-free transactions. | Cashify is an Indian recommerce platform headquartered in Gurgaon enabling consumers to sell used electronic gadgets for instant cash with free home pickup. Operates 100+ retail stores across India for buying and selling refurbished smartphones laptops and electronics. Focuses on the circular economy for consumer electronics through both online and offline channels. |
| HQ Country | |||
| HQ City | Shanghai | São Paulo | Gurgaon |
| Deal Date | 5 Jul 2021 | 21 Aug 2018 | 28 Jun 2018 |
| Round | Series B | Series B | Series C |
| Raised | $9M | $3M | $12M |
| Investors | Mount Morning Capital; Huagai Capital; Gopher Asset Management; Fresh Capital | Pedralbes Partners | Shunwei Capital; Bessemer Venture Partners; Morningside; CDH Investments |
| Valuation | undisclosed | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all Aihuishou investments and their VC round multiples. Start Free Trial | |||
Aihuishou Competitors
Aihuishou competitors include listed companies like People and Visional, and private ones like Fetch, PolicyBazaar, MUSINSA and Karrot Market.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $500M | - | $2.5B | - | ||
| Private | $37M | $21M | $2.4B | 64.9x | ||
| Private | $475M | $143M | $2.3B | 4.9x | ||
| Private | - | - | $2.7B | - | ||
| Publicly listed | $2.4B | $122M | $2.8B | 1.6x | ||
| Publicly listed | $515M | $157M | $2.2B | 2.6x |
Aihuishou Public Comps
Aihuishou is still privately-owned, but its public comps include Urban Company, Stubhub, People, Visional, TX Group, Ziff Davis, Goto Gojek Tokopedia, Rasan, Lime and Seek.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $162M | ($26M) | 14.4x | 12.3x | (90.6x) | (72.0x) | |||
| $1.7B | ($1.4B) | 1.4x | 1.3x | (1.7x) | 6.7x | |||
| $2.4B | $122M | 1.3x | 1.6x | 25.4x | 11.3x | |||
| $515M | $157M | 3.3x | 2.6x | 10.8x | 9.3x | |||
| $1.1B | $310M | 2.1x | 2.1x | 7.2x | 8.1x | |||
| $1.5B | $335M | 0.9x | 1.0x | 3.8x | 3.3x | |||
| $1B | ($16M) | 2.0x | 1.7x | (125.5x) | 13.1x | |||
| $174M | $73M | 16.1x | 11.0x | 38.6x | 25.9x | |||
This data is available for Pro users. Sign up to see all Aihuishou competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Aihuishou
| When was Aihuishou founded? | Aihuishou was founded in 2009. |
| Where is Aihuishou headquartered? | Aihuishou is headquartered in Shanghai, China. |
| Is Aihuishou publicly listed? | No, Aihuishou is a private, VC-backed company. |
| What is Aihuishou's valuation? | Aihuishou was last valued at $2.5B in its strategic investment round in June 2019. |
| How much funding has Aihuishou raised? | Aihuishou has raised $876M across 6 funding rounds. |
| What was Aihuishou's last funding round? | Aihuishou's last funding round was a $100M Series E in September 2020, led by Guotai Haitong Securities and JD.com. |
| Who are Aihuishou's investors? | Aihuishou's investors include JD.com, 5Y Capital, Tiantu Capital, Tiger Global, IFC Venture Capital Group, Fresh Capital, Guotai Haitong Securities, Morningside Venture Partners, GenBridge Capital, Huihe Capital and 6 others. |
| What is Aihuishou's revenue? | Aihuishou's latest recorded revenue is $473M (July 2018). |
| What is Aihuishou's revenue multiple? | Aihuishou's latest valuation implies a 3.2x revenue multiple ($1.5B valuation on $473M of revenue). |
| Which companies are comparable to Aihuishou? | Companies comparable to Aihuishou include Fetch, PolicyBazaar, MUSINSA, Karrot Market, People and Visional. |
| How many companies has Aihuishou acquired? | Aihuishou has acquired 1 company, including Paipai. |
| How many companies has Aihuishou invested in? | Aihuishou has invested in 3 companies, including Xianghuanji, TROCAFONE and Cashify. |
| What was Aihuishou's last investment? | In July 2021, Aihuishou invested in Xianghuanji's $9M Series B alongside Mount Morning Capital, Huagai Capital, Gopher Asset Management and 1 other investor. |
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