Hillhouse Investment Group

Hillhouse Investment Group, founded in 2005 and headquartered in Hong Kong, is a private equity firm that specializes in a wide range of investments, from seed funding to buyouts and listed equities. The firm primarily focuses on opportunities in Asia but also selectively invests in North America and Europe. Hillhouse’s investment strategy is stage-agnostic, allowing it to invest in companies at various stages of growth, from startups to established public entities. Its portfolio spans several sectors, including consumer, technology, media, telecommunications, healthcare, energy transition, and advanced manufacturing. In healthcare, Hillhouse emphasizes biotechnology, medical devices, and pharmaceuticals. The firm is recognized for its commitment to independent research and employs sector experts to guide its investment decisions, aiming for long-term results rather than short-term gains.

David Rhee

Partner

Michael Yi

Partner

Past deals in Retail

Shopastro

Series A in 2022
ShopAstro is a comprehensive service provider focused on assisting Chinese brands in expanding their reach to international markets. It offers a unified Software as a Service (SaaS) platform specifically designed for cross-border e-commerce. The company provides a range of essential services, including customer acquisition, transaction facilitation, payment processing, logistics management, and user management. By integrating these services into a single platform, ShopAstro aims to streamline the process for cross-border sellers, enabling them to navigate the complexities of international trade effectively.

Xinlue Shuzhi

Series A in 2022
Xinlue Shuzhi provides digital operation solutions to consumers. Through scenarios that provide in-depth data analysis insights and a closed-loop business strategy that can be implemented and verified throughout the link, the company assists brands in acquiring and managing marketing and consumer data assets. Many well-known leading brands, including moody, WonderLab, Liran, Unilever, Nestle, GUCCI, Anta, and La Mer, used the products and services that Xinlue Shuzhi provided.

Qmai.cn

Series C in 2022
Qmai.cn is an enterprise services company based in Hefei that specializes in developing a business management platform tailored for retailers and chain store operators. The platform offers a range of operational solutions, including enterprise smart retail features, digital store operations, and payment acquiring services. By providing these tools, Qmai.cn enables retailers to enhance user connections and streamline their operations through digitalization.

Qmai.cn

Series B in 2021
Qmai.cn is an enterprise services company based in Hefei that specializes in developing a business management platform tailored for retailers and chain store operators. The platform offers a range of operational solutions, including enterprise smart retail features, digital store operations, and payment acquiring services. By providing these tools, Qmai.cn enables retailers to enhance user connections and streamline their operations through digitalization.

Kurly

Series F in 2021
Kurly Inc. operates an online premium grocery service based in Seoul, South Korea, specializing in the retail of food products. The company offers a wide range of items including fresh vegetables, fruits, cereals, fish, meat, eggs, seasonings, baked goods, and processed foods, all sourced directly from producers. Founded in 2014, Kurly enables customers to order high-quality ingredients through its platform and ensures next-day delivery, emphasizing freshness and quality. The service caters to consumers seeking premium food options, including fresh desserts and various condiments.

Kurly

Series F in 2021
Kurly Inc. operates an online premium grocery service based in Seoul, South Korea, specializing in the retail of food products. The company offers a wide range of items including fresh vegetables, fruits, cereals, fish, meat, eggs, seasonings, baked goods, and processed foods, all sourced directly from producers. Founded in 2014, Kurly enables customers to order high-quality ingredients through its platform and ensures next-day delivery, emphasizing freshness and quality. The service caters to consumers seeking premium food options, including fresh desserts and various condiments.

Facily

Series C in 2021
Facily is a social commerce marketplace in Latin America. The platform focuses on low-ticket items, delivering great prices and differentiated logistics to lower income neighbourhoods, leveraging learnings from China. Facily offers a unique experience by bringing the opportunity to buy together with friends directly from producers and manufacturers, having fun playing with freemium features. Facily also promotes community buying by leveraging local leaders and influencers.

Haydon

Seed Round in 2020
Haydon is a beauty retail brand that specializes in providing high-end skincare, makeup, and fragrance products to discerning customers in the Mainland. The company integrates art, technology, and experience to create a unique shopping environment that serves as a contemporary urban art trend consumption landmark. This innovative approach not only enhances the customer experience but also attracts foot traffic to shopping malls, offering a comprehensive one-stop shopping solution.

Yonghui Fresh Food

Series B in 2020
Yonghui Fresh Food is a prominent provider of fresh food and agricultural product supply chain services. The company operates as an integration platform that efficiently manages the supply chain, ensuring timely delivery of products to various buyers. Yonghui Fresh Food caters to the diverse purchasing needs of different customer segments, including enterprises in the food industry. By focusing on supply chain integration, the company supports its clients in optimizing their operations and meeting market demands effectively.

JD.com

Series B in 2020
JD.com is a leading online direct sales company in China, renowned for its extensive transaction volume and significant market share. The platform provides consumers with a diverse selection of authentic products at competitive prices, emphasizing a user-friendly online shopping experience through its website and mobile applications. To ensure timely and reliable delivery, JD.com has established a comprehensive nationwide fulfillment infrastructure, comprising numerous warehouses and a self-operated delivery network. This infrastructure allows the company to maintain high customer satisfaction levels and supports both its direct sales and online marketplace operations. JD.com also includes JD Health, an e-commerce platform for pharmaceutical products, and JD Logistics, which offers supply chain and logistics services, including innovative solutions like drone deliveries. With a strong emphasis on technology, JD.com has invested in a proprietary platform to facilitate growth and enhance service offerings, employing a substantial workforce to support its operations across China.

Kurly

Series E in 2020
Kurly Inc. operates an online premium grocery service based in Seoul, South Korea, specializing in the retail of food products. The company offers a wide range of items including fresh vegetables, fruits, cereals, fish, meat, eggs, seasonings, baked goods, and processed foods, all sourced directly from producers. Founded in 2014, Kurly enables customers to order high-quality ingredients through its platform and ensures next-day delivery, emphasizing freshness and quality. The service caters to consumers seeking premium food options, including fresh desserts and various condiments.

Dailuobo

Series A in 2019
Dailuobo is an e-commerce platform based on Internet agriculture O2O high-frequency consumer products. The platform is dedicated to the direct sales of agricultural products, from online agricultural products trading to offline procurement, to create satisfactory services for users.

Kurly

Series D in 2019
Kurly Inc. operates an online premium grocery service based in Seoul, South Korea, specializing in the retail of food products. The company offers a wide range of items including fresh vegetables, fruits, cereals, fish, meat, eggs, seasonings, baked goods, and processed foods, all sourced directly from producers. Founded in 2014, Kurly enables customers to order high-quality ingredients through its platform and ensures next-day delivery, emphasizing freshness and quality. The service caters to consumers seeking premium food options, including fresh desserts and various condiments.

Yonghui Fresh Food

Series A in 2018
Yonghui Fresh Food is a prominent provider of fresh food and agricultural product supply chain services. The company operates as an integration platform that efficiently manages the supply chain, ensuring timely delivery of products to various buyers. Yonghui Fresh Food caters to the diverse purchasing needs of different customer segments, including enterprises in the food industry. By focusing on supply chain integration, the company supports its clients in optimizing their operations and meeting market demands effectively.

Bianlifeng

Series B in 2018
Bianlifeng is a cashier-free convenience store operator.The team is composed of the convenience store industry veteran team and well-known Internet team.

Fordeal

Series C in 2018
Fordeal is an online cross-border lifestyle products shopping platform.

Xiangwushuo

Series B in 2018
Xiangwushuo operates an online platform that enables users to buy and sell unused items, facilitating the effective use of idle consumer goods. Based in Beijing, China, the platform also allows business owners to promote and sell their products online. Users can give away their products by providing information to the platform, while others can acquire these items by paying delivery fees and using reward points known as Little Red Flower. This system not only encourages transactions but also incentivizes user engagement through activities like inviting friends to join. Xiangwushuo thus promotes a circular economy by connecting individuals and businesses in the exchange of goods.

JD.com

Venture Round in 2018
JD.com is a leading online direct sales company in China, renowned for its extensive transaction volume and significant market share. The platform provides consumers with a diverse selection of authentic products at competitive prices, emphasizing a user-friendly online shopping experience through its website and mobile applications. To ensure timely and reliable delivery, JD.com has established a comprehensive nationwide fulfillment infrastructure, comprising numerous warehouses and a self-operated delivery network. This infrastructure allows the company to maintain high customer satisfaction levels and supports both its direct sales and online marketplace operations. JD.com also includes JD Health, an e-commerce platform for pharmaceutical products, and JD Logistics, which offers supply chain and logistics services, including innovative solutions like drone deliveries. With a strong emphasis on technology, JD.com has invested in a proprietary platform to facilitate growth and enhance service offerings, employing a substantial workforce to support its operations across China.

BESTORE

Series B in 2017
Bestore Co., Ltd. operates a chain of casual snacks stores in China. It is involved in processing, packaging, and retail of snack foods. The company operates approximately 2,200 stores. It also offers its products through online e-commerce. The company was founded in 2010 and is headquartered in Wuhan, China.

Haiziwang

Funding Round in 2014
Haiziwang is an emerging maternity-infant-children specialty retailer as well as a child growth and development service provider.

JD.com

Series C in 2012
JD.com is a leading online direct sales company in China, renowned for its extensive transaction volume and significant market share. The platform provides consumers with a diverse selection of authentic products at competitive prices, emphasizing a user-friendly online shopping experience through its website and mobile applications. To ensure timely and reliable delivery, JD.com has established a comprehensive nationwide fulfillment infrastructure, comprising numerous warehouses and a self-operated delivery network. This infrastructure allows the company to maintain high customer satisfaction levels and supports both its direct sales and online marketplace operations. JD.com also includes JD Health, an e-commerce platform for pharmaceutical products, and JD Logistics, which offers supply chain and logistics services, including innovative solutions like drone deliveries. With a strong emphasis on technology, JD.com has invested in a proprietary platform to facilitate growth and enhance service offerings, employing a substantial workforce to support its operations across China.
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