Beijing-based Hainiaowo, a platform that provides tourist equipment rentals, has secured tens of millions of yuan (more than USD 1.46 million) in its Series A+ financing round. The round was backed by Ant Financial, parent of major Chinese mobile payment provider Alipay.
The funds will be used to expand the range of the company’s rentable items as well as service network. Other than Hainiaowo, Ant Financial has also invested in service-sharing projects including Tanworth, Neisha and Jiatu.
Hainiaowo rents out digital photography equipment for a duration of 7 to 10 days, mostly on Southeast Asia islands. It also provides travelers with in-destination telephone cards, overseas Wi-Fi, translator devices and others.
In the first half of 2018, Hainiaowo’s transaction volume tripled year on year. It has over 200 SKU (stock keeping units) with a total inventory of 7,000 units of equipment for rental. The average rental price during peak season is RMB 500 (around USD 73) and the customer retention rate is close to 30%.
China recorded 130 million outbound tourists in 2017, and around one third of them (43 million) chose island destinations, according to the 2017 China Outbound Tourism Travel Report jointly released by Ctrip and China Tourism Academy.