Boqii Is Going To Be The Future Online PetSmart in China
Boqii, a pet based ecommerce startup in China, just recently received their Series B funding for 25 million.The round was led by undisclosed investors, but most tech blogs in China believe that Goldman Sachs is involved in the deal. Ownership of pets in China have been rising in the last few years. It use to be that only the villagers or farmers owned pets, now people in the city own pets as well. China startups like Boqii saw this opportunity and decided to jump into it creating an online Petsmart retailer.
Boqii bootstrapped everything in the beginning as an individual ecommerce site selling pet products. They eventually expanded their service onto bigger ecommerce networks such as TaoBao, Dianping, Tmall and more. After they successfully build a community out of it, the startup then expanded onto forums, daily deals and many more. Ecommerce is a huge market in China now and Boqii wants to dominate the pet portion of it. Boqii have been emerging in the market with their own branded product.
Users And Expansion
Boqii claims to have 3 million active and registered users to date. The startup believes that this huge Series B funding round will allow them to draw in enough funds to run marketing campaigns as well as expanding their business offline as well. Even though the pet industry has been rising like crazy in China, most of the pet owners are typically buying from local small moms and pop shops. China’s biggest commerce market is still based online, so it is uncertain whether or not it will be a good decision for Boqii to expand into brick and motor retailer. Euromonitor estimates that purchases of pet-related goods in China will grow at least ten percent a year. Even so, China still ranks number three in terms of aggregate ownership of cats and dogs, behind Brazil and the US. With the population of dogs & cats rising, it won’t be long until we see more and more pet based startup being built in China.
To find out more about Boqii go directly to their website here: