(Yicai Global) Sept. 4 -- Newly-established Chinese staffless convenient store operator Xingbianli has raised over CNY100 million (USD15.2 million) via angel financing led by Lightspeed Venture Partners, with support Zhang Tao, founder of China's biggest group deal platform and leading food delivery firm Meituan-Dianping, Wang Xing, founder of Chinese social media platform Renren Inc. [NYSE:RENN] and other investors.

The startup will use the funding to develop its plans in the new retail sector, online media outlet Jiemian News reported.

Xingbianli was formed by the merger of checkout-less convenient store operator Ojiao Network Technology (Shanghai) Co., and a company founded by Lv Guangyu, former president of Meituan-Dianping's business segment.

Xingbianli uses its own big data marketing system to analyze consumer behaviors and intelligently manages products to push and provide information and products needed by the users in any situation.

The firm's back-end supply chain system is a cold chain comprising a self-owned warehouse and smart product circulation. Xingbianli also uses a self-managed distribution system for daily product replenishment, which directly connects with manufacturers.

The enterprise is said to have the highest coverage in Shanghai among competitors.