Startup MGZN

Chinese e-commerce platform Jollychic bags $65 from this UAE​ tech giant

Chinese cross-border e-commerce platform focused on the Middle East, Jollychic, has secured US $65 million from UAE tech giant G42 Group in a series C+ funding round. 

With the fund, the e-commerce platform said that it plans on using it to expand its segmentation, aiming to improve its logistics system, in addition, to develop third-party payment options and e-wallets. The company mentioned that the funding will help them further strengthen their localization efforts as well.

It’s worth mentioning that Jollychic’s payment platform, JollyPay has recently received licenses in the UAE and online payment service qualification in Saudi Arabia. This allows Jollychic to further pursue their goal of building an e-commerce ecology and “no cash society” in the Middle East.

Furthermore, the company has secured investment in a Series C round that was led by Sequoia Capital, with the shareholders including Junlian Capital, Lanxin Asia, Ping An Ventures, CDH Investment, Dachen Venture Capital, and Zhejiang Huarui, amongst others. 

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