Aihuishou pins hopes on smaller cities for growth

Aihuishou.com, one of China's online electronics recycling platforms, is ramping up its efforts to expand its business to smaller cities, pinning hopes on the potentially huge market, company executives said.

Late last month, the Shanghai-based startup raised 400 million yuan ($57.56 million) in a series-D fundraising, attracting support from heavyweight investors such as Cathay Capital, Fortune Capital, Tiantu Capital and JD.com Inc.

Announcing the funding details, CEO Chen Xuefeng said his company would use a large proportion of the investment to further support two new business lines.