Yaodian100's frontpage, before it vanished offline.
That was quite a vanishing act. The Chinese e-commerce site Yaodian100 – which has, over the years, received over $50 million in funding – has gone offline, leaving users and even industry insiders wondering what’s going on. The Yaodian100.com site now redirects to its official Sina Weibo account (see it here) – but that hasn’t been updated since July 17th.
Before going offline on July 28th, Yaodian100 posted a short notice saying that it would be down for an unspecified duration due to its “relocation.” After three whole days, concerns are growing that the rumors earlier this year that the company was near the point of bankruptcy were actually true. QQ Tech and several other Chinese tech blogs have tried to contact several senior executives at the company, but with no luck so far.
Shanghai-based Yaodian100 was started up in 2009, and was one of the earliest specialist B2C e-commerce sites in China, selling mostly cheap clothing. It wrapped up a major first-round of funding of $40 million in August 2009, led by Qiming Venture Partners. That was followed by a round in May 2010 that was worth 60 million RMB ($9.5 million at today’s rates), courtesy of Chinese search engine Baidu (NASDAQ:BIDU) and local shoe brand Daphne. Intel Capital later led a smaller series C investment.
Yaodian100 was taking 30,000 orders per day back in late 2010, it had boasted at the time, with monthly sales worth 30 million RMB ($4.75 million). But things got quieter thereafter, and rumors of massive layoffs, and even possible bankruptcy, were all that was being said of the website by the start of 2012. When we looked at the most recent market share stats for the B2C e-commerce scene in China just last week, we noted that the top five sites had consolidated their lead upfront, and now accounted for about two-thirds of the entire nation’s e-tailing business.
We’ll update if the site reappears; or if we can officially add it to the deadpool.
[Source: QQ Tech - article in Chinese]
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