(Yicai Global) April 2 – Zhuanzhuan, a platform under classifieds giant 58.Com, has bagged USD390 million in the largest financing among Chinese online second-hand goods marketplaces, as well as the first one participated by a state-owned entity.

Greater Bay Area Homeland Development Fund and Qingyue Fund were the only two investors in this round that took place before China's Spring Festival in mid-February, news outlet 36Kr reported. The biggest shareholder of Qingyue Fund is Ronghe Holding, a state-backed platform of Qingdao’s West Coast New Area.

Beijing-based Zhuanzhuan has agreed to build its headquarters in the state-level development area in Qingdao. Moreover, the company will construct China’s largest smart quality inspection center for different types of goods in the port city in eastern Shandong province.

The other investor, Greater Bay Area Homeland, has previously invested in bike-sharing startup Hello Chuxing and e-grocer Missfresh.

Founded in November 2015, Zhuanzhuan sells electronics, books, and household goods with a one-year quality guarantee. Last May, it merged with electronics recycling platform Zhaoliangji and had a valuation of USD1.8 billion then.

In 2020, Zhuanzhuan’s revenue grew by more than three times despite the Covid-19 pandemic. It has maintained a twofold growth rate over the past three years.

In September 2019, Zhuanzhuan secured about USD300 million in its B round of funding. In the Series A round, tech giant Tencent Holdings invested USD200 million in the company in April 2017.

Editor: Emmi Laine