(Yicai Global) June 5 -- Shares in membership-based e-commerce platform Yunji Inc. rose after it reported strong quarterly results.

Yunji [NASDAQ:YJ] closed 2.0 percent higher in New York overnight at USD11.22. The Hangzhou-based firm reported a 53 percent rise in revenue to USD502.8 million for the first quarter while it posted a first-ever net profit of USD2.4 million.

Gross merchandise volume nearly doubled to more than USD1 billion. The sharp increase in GMV was "mostly driven by the growth of our membership base, implementation of a new marketplace business model, and innovations to our supply chain network," according to Xiao Shanglue, chairman and chief executive officer.

The company reported a 22.4 percent increase in total members compared with the quarter before. The firm had 9 million members as of the end of the first quarter.

Founded in 2015, the company that has been accused of running a pyramid scheme in the past applies a membership-based model that leverages the power of social interaction. It offers products at attractive prices and incentivizes members to promote its platform and share its products with their social contacts.