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 Shopping

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.

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.

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.

Pinduoduo

Post in 2020
Pinduoduo operates an e-commerce platform in China, allowing users to engage in group buying deals primarily through Tencent's WeChat app. Founded in 2015 and headquartered in Shanghai, Pinduoduo offers a diverse range of products including apparel, electronics, household goods, and food items. The platform aims to facilitate access to the digital economy for local communities and small businesses, enhancing productivity and creating new opportunities. Pinduoduo has developed a robust network of sourcing, logistics, and fulfillment capabilities to support its operations and improve customer experience.

HIPAC

Series D in 2019
Hipac.cn is a Hangzhou-based cross-border online shopping platform focusing on baby and maternal products.

Yatsen Holding

Series C in 2019
Yasten provides high-quality fashion makeup products.

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.

Beidian

Series A in 2019
Beidian operates as an innovative e-commerce platform that connects consumers, shop owners, and suppliers, offering a diverse range of products including home goods, clothing, food, beauty items, and products for mothers and babies. Unlike traditional e-commerce platforms, Beidian emphasizes social sharing among users, fostering a three-way connection that enhances the shopping experience. The company adheres to a source supply chain model, collaborating closely with numerous high-quality brands, source factories, and agricultural bases worldwide. This approach ensures that consumers have access to premium products at competitive prices, allowing them to purchase better goods while spending less.

Songshu Pinpin

Series B in 2019
Songshupinpin.com operates an e-commerce platform for community group buying. The community was founded in 2016 and is based in Beijing, China.

MatchU

Series B in 2018
MatchU is a custom tailoring service that specializes in men's suits and other clothing items. The platform employs artificial intelligence technology to take precise measurements of customers' bodies, ensuring a perfect fit for each garment. This innovative approach allows MatchU to offer a range of customizable clothing options, including shirts, suits, pants, coats, and polo shirts, tailored to individual preferences. By focusing on quality and personalization, MatchU aims to provide customers with well-fitting, high-quality attire that meets their specific needs.

Songshu Pinpin

Series A in 2018
Songshupinpin.com operates an e-commerce platform for community group buying. The community was founded in 2016 and is based in Beijing, China.

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.

BorderX Lab

Series B in 2018
BorderX Lab, based in Silicon Valley, is a tech-first company that makes it easy for global middle class consumers to discover and purchase the world’s best products and services. BorderX Lab’s first product, The Beyond App, is a mobile marketplace that uses content to connect affluent Chinese shoppers with quality retailers and brands from both the US and Europe. By utilizing big data and artificial intelligence the Beyond App is able to provide Chinese consumers the same dot com shopping experience enjoyed by US or European consumers. Based in Sunnyvale, California, BorderX Lab was launched in 2014 by Xuehua Shen.

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.

Meilishuo

Series E in 2014
Meilishuo.com is a Chinese Pinterest-like website that enables women to find personalized clothing and skin care products. Users can search for experts, shops, group buying sites, and share online shopping links and information on their favorite products. The products listed on Meilishuo.com come from third party websites, and primarily have listings on Taobao, China’s largest e-commerce site. When users click on a product on Meilishuo, they are re-directed to the third party sites, including Taobao, where they can make their purchase, after which Meilishuo receives a commission. Launched in November 2009 Meilishuo.com received its financing round A from Blue Run Ventures. According to Meilishuo.com, the number of its registered users has reached 150 million since its launch in March 2010. The daily user volume is 3.2 million while the daily number of page views is 164 million, and per user traffic is averaged at 51 pages. Every month, the website brings about 700 million yuan to Taobao’s turnover, while its biggest competitor in China is Mogujie.

MOGU

Series D in 2014
MOGU is an consumer platform aimed towards women, achieved through e-commerce, social media, influencers and content driven services. Their content covers all areas of the fashion world and they have a huge range of age groups and interest covered through their numerous apps and platform. MOGU Inc. is a destination of fashion. With various kinds of fashion content and abundant fashion products, MOGU Inc. allows people to discover and share fashion trends while fully enjoying high-quality shopping experience. In 2011, MOGU Inc. launched fashion platform under the Mogujie brand . In 2016, the merger of Mogujie and Meilishuo was completed.Currently, MOGU Inc.'s online platform includes Mogujie.com and Meilishuo.com websites, mogujie mobile app, Meilishuo mobile app, Uni mobile app and several WeChat Mini programs.

Haiziwang

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