Physix Frontier
JD.com
Funding History
- IPOUSD 1.8B — IPO Price: $19.00; Market cap at listing: approx. $26B (based on IPO price); First-day closing market cap: approx. $28.6B; Shares issued: Not fully disclosed (market cap approx. $26B); Lock-up period: Standard 180-day lock-up | Source: Prospectus/Exchange Disclosures
- Strategic InvestmentUSD 210M — Amount: approx. USD 215M cash + e-commerce asset injection; USD 215,000,000 (cash portion); Led by Tencent | The value of this deal far exceeds the USD 215M cash: Tencent simultaneously transferred registered capital, assets, and businesses of affiliated companies such as Paipai C2C and QQ Shopping to JD.com, and signed a comprehensive strategic cooperation agreement for e-commerce. In June 2014, JD.com opened the 'Shopping' primary entry point on WeChat, and on August 8, 2014, opened the primary shopping entry point on Mobile QQ — WeChat's traffic entry became the core engine for JD.com's mobile growth. | Source: Baidu Baike
- Series E RoundUSD 700M — Amount: USD 700M; USD 700,000,000; Led by Ontario Teachers' Pension Plan + Kingdom Holding | Last pre-IPO round. OTPP increased its stake for two consecutive rounds, and Kingdom Holding (Saudi Royal Family) entered for the first time. On March 30, 2013, JD.com de-malled, renamed itself 'JD', and adopted the JD domain and mascot Joy to prepare for listing. | Source: Baidu Baike / 360 Baike
- Series D RoundUSD 300M — Amount: USD 300M (not the rumored USD 400M); $300,000,000; Led by Ontario Teachers' Pension Plan (OTPP) | JD.com's official chronology specifically clarified: this round was actually USD 300M, not the rumored USD 400M. OTPP led with USD 250M, followed by Tiger Global with USD 50M. During the same period, JD.com completed the full acquisition of third-party payment company Yebao Online, formally laying out its payment system. | Source: Baidu Baike / 360 Baike
- Series C2 RoundUSD 1.5B — Amount: USD 1.5B (of which USD 1.1B received); $1,500,000,000; Led by: Russian DST (Yuri Milner) | In December 2010, introduced by Zhou Shouzi, who was working at DST at the time, Liu Qiangdong met DST founder Yuri Milner. Milner immediately offered to invest USD 1.5B—Liu Qiangdong initially thought he had encountered a scammer. This was the largest single financing in Chinese e-commerce history at the time, directly supporting JD.com's subsequent price wars against Dangdang and Suning, as well as the construction of its nationwide logistics network. | Source: Baidu Baike / Hexun / Tencent News
- Series C1 RoundUSD 0M — Amount: USD 225M (Tiger Global invested separately at USD 250M valuation); ~USD 225M (Hillhouse); Post-money valuation: USD 250M (Tiger Global basis); Led by: Hillhouse Capital (Zhang Lei) | In 2010, JD.com faced bankruptcy again due to massive logistics investments and continuous losses. Liu Qiangdong approached his Renmin University senior and Hillhouse Capital founder Zhang Lei, intending to borrow USD 75M for transition. Zhang Lei said: 'If we invest, we invest USD 300M.' Ultimately agreed on Hillhouse investing USD 225M—one of the largest single VC investments in Chinese e-commerce history at the time. Zhang Lei's logic: Self-operated + self-built logistics is an asset-heavy model requiring sufficient capital upfront; small-scale fundraising is meaningless. | Source: Tencent News / Baidu Baike
- Series B RoundUSD 21M — Amount: USD 21M ($21,000,000); Led by: Xiongniu Capital | This was the first funding round secured by a Chinese e-commerce company since the onset of the 2008 financial crisis. Xiongniu Capital had previously invested in Suning, giving them deep understanding of the retail industry; after due diligence, they strongly backed Liu Qiangdong. Details disclosed by Tencent News at the time: In 2009, Liu Qiangdong had agreed to Tiger Global's investment at a $250M valuation, while another investor offered to enter at a $300M valuation, but Liu rejected the higher valuation, honoring his verbal commitment to Tiger Global at $250M. | Source: Baidu Baike / Tencent News
- Series A RoundUSD 10M — closed its Series A round; Amount: USD 10M; led by Capital Today (Xu Xin). In October 2006, Liu Qiangdong met Xu Xin of Capital Today for the first time and they hit it off. After receiving this USD 10M, Liu decided to build an in-house logistics network because 72% of JD.com's complaints at the time were related to logistics, and high average order values made parcels prone to theft. This decision laid the foundation for JD.com's asset-heavy model over the next decade and became its fundamental difference from Taobao. Source: Baidu Baike / Tencent News
- Early CapitalUSD 1M — Amount: Approx. RMB 5M (some early investors partially exited); Approx. USD 600K; Led by Liu Qiangdong personally + early investors. On June 18, 1998, Liu Qiangdong started his business in Zhongguancun, initially acting as a distributor for CDs and disks. Due to SARS in 2003, all 12 offline stores were closed. In January 2004, JD Multimedia Network launched, shifting fully online. In 2006, Liu Qiangdong sought RMB 1M from Hanergy Capital to 'pay the guys' salaries'—this was JD's closest moment to running out of cash. Source: Baidu Baike / Tencent News