Fanli, a Shanghai, China-based online rebate and rebate based flash sale company, received a Series C equity investment from Rakuten, Inc. (TOKYO:4755).
Rakuten has acquired a less than 10% stake in the company.
The round valued Fanli at approximately US$1 Billion. As part of the investment, Kevin H. Johnson, CEO of Ebates, a Rakuten Group company, will join the company’s board of directors.
Led by Gary Ge, CEO, Fanli is an online rebate and rebate based flash sale company with 70 million members, providing and organizing sales and promotion events for local and international brands.