China’s Power Bank Rental Startup Soudian Snags $122M Led By Qianhai FOF

Soudian, a takeaway power bank rental startup for smartphones, on Thursday announced that it has garnered as
much as 800 million yuan ($122 million) from two rounds of financing.

 The funding rounds, completed in the last six months, were both led by Qianhai FOF. New investors include state-
backed CITIC Securities and China SME Development Fund’s sub-fund that is managed by Oriental Fortune Capital,
per a company statement.

 The company will use the proceeds to spruce up market development and product innovation.

 Shenzhen-based Soudian has delivered over 1 million portable power bank terminals across 600 cities in China, as
well as exported to over 30 countries. It offers shared charging services in public places such as shopping malls,
restaurants, cafes, libraries, and stations.

 Going forward, Soudian is looking to expand its power bank rental services beyond smartphones. On March 30,
Soudian rolled out mask rental services through intelligent terminals that can help people easily access mask
protection during the Covid-19 pandemic.

 “Soudian operates line business in power bank rental services, while it’s not limited to smartphones in the future,”
said Oriental Fortune Capital partner Shaojun Zhou in the statement.

 Soudian’s peer Energy Monster had, in December 2019, secured 500 million yuan in a round led by SoftBank
Venture Asia, BOC International and Goldman Sachs Group.

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