- Other investors in this round include German pharmaceutical giant Boehringer Ingelheim and Chinese real estate developer Country Garden.
- Ruipeng was founded in 2013. Previous investors include major players such as CICC Capital and Hillhouse Capital.
- Ruipeng shares are already traded on NEEQ (link in Chinese), an over-the-counter market for Chinese SMEs.
$ 66.8 billion: this will be the size of the Chinese pet care economy market by 2023, says Alizila, Alibaba’s public relations website, which also states that “Chinese millennials are the driving force behind this market. booming”.
- According to figures from Alibaba, during the Singles Day shopping festival on November 11, “Cat food was the top-selling category in the cross-border market of Alibaba Group, Tmall Global, surpassing other import categories. popular such as infant formulas and face serums ”, while sales of pet health supplements grew 50% year-on-year from 2017 to 2019 consecutively.
- There were 12,657 pet hospitals nationwide in China in 2018, according to figures cited by East Money (in Chinese).
The opportunity for Ruipeng
The number of pet owners is growing rapidly and they are willing to spend ever increasing budgets on their dogs and cats. But the industry is highly fragmented, and the concentration of pet clinics is low relative to demand.
With this new injection of liquidity and the support of Tencent, Ruipeng has a chance to become the dominant player in the market.