Chinese online electronics recycling platform Aihuishou on Sept. 22 renamed the group “All Things Renew” and announced to have completed an E+ round of financing at the brand upgrade conference in Beijing.
AiHuiShou currently runs five affiliate operations including electronics recycling platform AiHuiShou, the B2B used electronics platform PaiJiTang, secondhand platform Paipai, secondhand electronics platform AHS DEVICE which is dedicated to foreign markets, and garbage sorting and recycling platform AiFenLei.
Xuefeng Chen, founder and CEO of AiHuiShou, also announced that the group has received more than $100 million in its E+ round of financing, which was jointly led by JD.com, Inc. and Guotai Junan International and followed by Shanghai Prosperity Fund, Fresh Capital, Huihe Capital and InnoVen Capital. Moreover, Taihe Capital continued to act as the exclusive financial adviser in this round.
Established in 2011, AiHuiShou focuses on electronic product recycling as well as environmental protection. The company in 2018 launched global electronic product trading platform PaiJiTang.
In June 2019, AiHuiShou merged with JD.com’s secondhand platform Paipai, which marked a significant milestone for AiHuiShou to build a closed business chain of C2B, B2B and B2C.
The recycling unicorn’s daily trading volume of 3C products as of now has exceeded 70,000 units, among which C2B recycling surpassed 15,000 units, B2B over 40,000 units and B2C past 5,000 units. The group currently owns 720 offline stores with an expected transaction scale to exceed 25 billion yuan in 2020.
AiHuiShou has also cooperated with JD.com to launched a “one-step trade-in” service where users can evaluate used phones and pay the difference when purchasing a new mobile phone online. In addition, AiHuiShou offers phone delivery services and also helps users with data transfer and clearing so as to protect user privacy.
Despite its wide-recognized name “AiHuiShou” (love recycling, literally), the group has transformed into an internet company with a complete industrial chain in secondhand electronic devices, while the “AiHuiShou” operation only takes up 20% of its overall business.
All Things Renew, as the group is now renamed, incubated a new line of business AiFenLei, focusing on garbage sorting and trash recycling. The group exhibited a series of products made from garbage, including a star product T-shirt which uses coffee grounds as raw material and is jointly developed by AiHuiShou, Costa Coffee and sports-wear brand Li Ning.
“We will soon launch an upgraded version of Paipai with the goal to separate supply and sales capacity and equip the platform with more services like device evaluation and pricing,” Xuefeng Chen commented when asked about his expectation towards future cooperation with Paipai.