Zhuanzhuan Valuation, Funding & Investors
Zhuanzhuan is valued at $1B as of April 2017.
About Zhuanzhuan
Beijing-headquartered Zhuanzhuan is a second-hand goods marketplace launched in November 2015 as the dedicated trading unit of 58.com. The platform allows users to buy and sell used items nationwide through its app and website.
Founded
2015
HQ
BeijingWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Valuation
$1B (Apr 2017)
Zhuanzhuan Valuation
Zhuanzhuan is currently valued at $1B, based on its Series A in April 2017.
The $200M round was led by Tencent.
Zhuanzhuan valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2017 | Series A | $1B |
Zhuanzhuan Funding History
Zhuanzhuan has raised a total of $990M across 4 funding rounds.
Zhuanzhuan's first fundraising round was a $200M Series A in April 2017. The most recent completed round was a $100M Series D in June 2021.
Zhuanzhuan funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2021 | Series D | Xiaomi (lead); Advantech Capital; Shunwei Capital | $100M | - | Zhuanzhuan is a Beijing-based second-hand goods trading platform originally developed from 58.com's second-hand section, rebranded in 2016 with a focus on consumer electronics. It merged with electronics recycling platform Zhaoliangji in May 2020, achieving a valuation of USD1.8 billion at that time. The platform operates both consumer-facing and business-to-business segments, including the B2B trading platform Caihuoxia, which completed a USD45 million Series A round in June 2021. On June 17, 2021, Zhuanzhuan completed a USD100 million Series D1 funding round led by Xiaomi, with participation from Shunwei Capital (owned by Xiaomi Chairman Lei Jun) and Advantech Capital. This followed a USD390 million Series C round in April 2021, the largest among Chinese recycled products marketplaces at the time. Previous investors include Tencent, which invested USD200 million in 2017, along with 58.com, Shanghui Capital, and Qingyue Fund. Xiaomi's involvement aims to leverage synergies in consumer electronics, given its strong position in smartphones and IoT products. As of May 2021, Zhuanzhuan reported 48 million monthly active users, up over 50% year-over-year. Gross merchandise volume rose 56% in May from the prior year, and revenue more than doubled in the same period, though specific figures were not disclosed. Investors highlighted Zhuanzhuan's complete ecosystem, market-proven business model, and industry-leading monetization rate. The funding supports expansion in the second-hand trading sector to accelerate product cycles for diverse consumer needs. |
| Apr 2021 | Series C | Greater Bay Area Homeland Development Fund; Qingyue Fund | $390M | - | Zhuanzhuan is a Beijing-based second-hand goods trading platform incubated by classifieds giant 58.com, launched in November 2015 and rebranded in 2016 with a focus on consumer electronics, books, and household items offered with a one-year quality guarantee. It shifted from C2C to C2B2C models and merged with electronics recycling platform Zhaoliangji in May 2020, achieving a valuation of USD1.8 billion at that time. The platform secured USD390 million in financing before China's Spring Festival in mid-February 2021 (announced April 2021), marking the largest single cash round in China's e-commerce reselling sector and the first with state-owned entity participation from investors Greater Bay Area Homeland Development Fund and Qingyue Fund (backed by Ronghe Holding). This round followed prior financings including USD200 million Series A from Tencent in April 2017 (post-money valuation USD1 billion) and USD300 million Series B/C in September 2019 from 58.com, Tencent, and others. Zhuanzhuan committed to building its headquarters and China's largest smart quality inspection center in Qingdao’s West Coast New Area. In 2020, amid Covid-19, the company's revenue grew more than threefold and doubled for three consecutive years, with gross merchandise volume and user metrics showing strong traction—48 million monthly active users by May 2021 (up over 50% YoY) and revenue more than doubling YoY that month. Post this round, Zhuanzhuan raised USD100 million Series D1 in June 2021 led by Xiaomi, with Shunwei Capital and Advantech Capital, building on the USD390 million Series C+. Its B2B arm Caihuoxia secured USD45 million Series A around the same time. The used goods market in China features intense competition, with Zhuanzhuan positioning as the leading e-flea market via quality guarantees and expansion into 3C (consumer electronics) recycling and trading. |
| Sep 2019 | Series B | 58.com (lead); Tencent (lead) | $300M | - | Zhuanzhuan is a China-based second-hand goods trading platform launched in 2015 and incubated by 58.com, China's largest online classifieds marketplace. It operates as a C2C platform for used consumer goods like electronics and appliances, later expanding into C2B and C2B2C models, particularly in second-hand 3C products after merging with Zhaoliangji in 2020. The platform had over 200 million users via app activations and WeChat registrations by 2019 and recorded more than 10 million annual user transactions. In September 2019, Zhuanzhuan raised approximately $300 million in a Series B financing round from investors including 58.com and Tencent, with the deal expected to complete in Q4 2019. 58.com, Zhuanzhuan's parent and controlling shareholder listed on the NYSE, and Tencent, which had previously invested $200 million in the April 2017 Series A at a $1 billion post-money valuation, participated again. CEO Huang Wei noted the funds were needed to survive intense competition and a challenging business cycle. The company ramped up monetization efforts post-funding, achieving over 200% revenue growth in 2020 with three years of doubling. Zhuanzhuan positioned itself as a top 2 used goods app in China, benefiting from Tencent support, easier payments, logistics, and the shift to online in a rapidly growing resale market that reached CNY 964.6 billion turnover in 2019. Subsequent developments included a $390 million financing in April 2021 from GBA Greater Bay Area Fund and Tsing Yue Capital, the largest single cash deal in China's resale e-commerce, and a $45 million Series A for its B2B subsidiary Caihuoxia at $140 million valuation. The used goods sector showed strong market potential, with e-commerce resale scale hitting CNY 374.55 billion in 2020. |
| Apr 2017 | Series A | Tencent (lead) | $200M | $1B | Zhuanzhuan is a Chinese online marketplace for second-hand goods, launched in 2015 as part of classifieds platform 58.com, focusing on electronics, books, and household items with quality guarantees. It evolved from C2C to C2B2C models, merging with electronics recycling platform Zhaoliangji in 2020 to emphasize second-hand 3C products like mobile phones. The platform competes in China's second-hand e-commerce space alongside Idlefish (C2C-focused) and Aihuishou (C2B2C with offline integration), forming a tripartite market. In April 2017, Zhuanzhuan raised $200 million in its Series A round from Tencent, achieving a post-money valuation of $1 billion. This marked Tencent's investment in the company, with 58.com retaining control as the parent entity. Subsequent rounds included a $300 million Series B in September 2019 led by 58.com and Tencent, and a $390 million financing in early 2021 from Greater Bay Area Homeland Development Fund and Qingyue Fund, the largest single cash deal in China's e-commerce reselling sector at that time. Later traction shows revenue growth exceeding 200% in 2020 with twofold annual increases over three years, over 10 million annual user transactions by 2019, and 8.7 million active buyers plus 3.9 million active sellers in the prior year to mid-2021. The company planned headquarters and a smart quality inspection center in Qingdao following the 2021 round, amid industry trends like decarbonisation boosting pre-owned platforms. |
Who has invested in Zhuanzhuan?
7 investors have backed Zhuanzhuan across its funding rounds, including Tencent, Shunwei Capital, Xiaomi, Advantech Capital, Greater Bay Area Homeland Development Fund and 58.com.
Lead investors include Xiaomi, 58.com and Tencent.
Zhuanzhuan Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Shenzhen | 2 | Lead | Apr 2017 | |
 Hong Kong | 1 | Participant | Apr 2021 | |
| Beijing | 1 | Lead | Jun 2021 | |
| Hong Kong | 1 | Participant | Jun 2021 | |
| Beijing | 1 | Participant | Jun 2021 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Zhuanzhuan
Zhuanzhuan has acquired 3 companies to date.
Last acquisition by Zhuanzhuan was on September 24th 2024. Zhuanzhuan acquired Plum for undisclosed valuation.
Latest Acquisitions by Zhuanzhuan
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Shenzhen Wanshifu Technology | |||
| Description | Plum runs an e-commerce consignment platform for second-hand fashion in China. The service handles photography, listing, customer support, sales, and shipping for luxury and designer apparel on aplum.com. | - | WHYLAB is a Shanghai-headquartered digital platform for consumer product testing and screening. Brands leverage it to gather user feedback on prototypes via online panels, simulating market trials before launch. The service covers electronics, apparel, and FMCG categories across China. |
| HQ Country | | | |
| HQ City | Beijing | - | Shenzhen |
| Deal Date | 24 Sep 2024 | 7 May 2020 | 9 Jul 2019 |
| Valuation | undisclosed | $50M | $7M |
| EV/Revenue | |||
| EV/EBITDA | |||
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Investments by Zhuanzhuan
Zhuanzhuan has invested in 2 companies to date.
Latest investment by Zhuanzhuan was on June 9th 2023. Zhuanzhuan invested in Guangyin Technology in their $7M Angel round.
Latest Investments by Zhuanzhuan
| Guangyin Technology | ||
| Description | Guangyin Technology is a photovoltaics specialist based in Shenzhen, China, researching and producing perovskite solar cells to deliver cost-effective clean energy modules for residential and commercial installations. | Plum runs an e-commerce consignment platform for second-hand fashion in China. The service handles photography, listing, customer support, sales, and shipping for luxury and designer apparel on aplum.com. |
| HQ Country | | |
| HQ City | Shenzhen | Beijing |
| Deal Date | 9 Jun 2023 | 1 Jan 2022 |
| Round | Angel | Series C |
| Raised | $7M | $100M |
| Investors | Plum Ventures | - |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
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Zhuanzhuan Competitors
Zhuanzhuan competitors include listed companies like Baltic Classifieds Group and Vend Marketplaces, and private ones like OfferUp, Carousell, Quikr and 58 Daojia.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Seattle, WA | Private | - | - | $1B | - | |
 Lithuania | Publicly listed | $102M | $79M | $1.1B | 10.9x | |
 Singapore | Private | $50M | - | $1.1B | 22.0x | |
 Bangalore | Private | $10M | - | $900M | - | |
 Norway | Publicly listed | $673M | $19M | $5.1B | 7.1x | |
| China | Private | - | - | $1B | - |
Zhuanzhuan Public Comps
Zhuanzhuan is still privately-owned, but its public comps include SMZDM.com, QuinStreet, Grupa Pracuj, Ibotta, LegalZoom, Nextdoor, Upwork, Baltic Classifieds Group, Yelp and ATRenew.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $192M | $19M | 4.9x | 4.7x | 47.8x | 42.1x | |||
| $1.3B | $61M | 0.7x | 0.7x | 15.8x | 7.9x | |||
| $214M | $95M | 4.6x | 4.4x | 10.3x | 9.7x | |||
| $342M | $7M | 2.5x | 2.4x | 114.9x | 15.3x | |||
| $756M | $74M | 1.2x | 1.1x | 12.1x | 4.8x | |||
| $258M | ($69M) | 2.4x | 2.2x | (8.8x) | 27.8x | |||
| $788M | $180M | 1.0x | 1.1x | 4.6x | 3.6x | |||
| $102M | $79M | 11.2x | 10.9x | 14.5x | 14.1x | |||
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Common questions about Zhuanzhuan
| When was Zhuanzhuan founded? | Zhuanzhuan was founded in 2015. |
| Where is Zhuanzhuan headquartered? | Zhuanzhuan is headquartered in Beijing, China. |
| Is Zhuanzhuan publicly listed? | No, Zhuanzhuan is a private, VC-backed company. |
| What is Zhuanzhuan's valuation? | Zhuanzhuan was last valued at $1B in its Series A in April 2017. |
| How much funding has Zhuanzhuan raised? | Zhuanzhuan has raised $990M across 4 funding rounds. |
| What was Zhuanzhuan's last funding round? | Zhuanzhuan's last funding round was a $100M Series D in June 2021, led by Xiaomi. |
| Who are Zhuanzhuan's investors? | Zhuanzhuan's investors include Tencent, Greater Bay Area Homeland Development Fund, Xiaomi, Advantech Capital, Shunwei Capital, Qingyue Fund and 58.com. |
| Which companies are comparable to Zhuanzhuan? | Companies comparable to Zhuanzhuan include OfferUp, Baltic Classifieds Group, Carousell, Quikr, Vend Marketplaces and 58 Daojia. |
| How many companies has Zhuanzhuan acquired? | Zhuanzhuan has acquired 3 companies, including Plum, Shenzhen Wanshifu Technology and WHYLAB. |
| What was the largest acquisition by Zhuanzhuan? | The $50M acquisition of Shenzhen Wanshifu Technology in May 2020 is the largest acquisition Zhuanzhuan has made to date. |
| How many companies has Zhuanzhuan invested in? | Zhuanzhuan has invested in 2 companies, including Guangyin Technology and Plum. |
| What was Zhuanzhuan's last investment? | In June 2023, Zhuanzhuan invested in Guangyin Technology's $7M angel round alongside Plum Ventures. |
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