CINNO Completes Nearly USD 10 Million in Series A Financing

Technology Author: Siyi Zhao Editor: Lina Peng May 04, 2023 02:00 PM (GMT+8)

CINNO (昕诺服务), a digital-driven global after-sales service solution provider for electronics brand owners, operators, and cross-border e-commerce enterprises, recently completed nearly USD 10 million in Series A financing.

Front view of Huawei nova6 5g mobile phone

The company was founded in 2009 and is headquartered in Shenzhen, focusing on providing after-sales service solutions for all 3C electronics and communication products, including testing, repair, spare parts supply chain management, system deployment, refurbishment, recycling, and warehousing logistics.

According to CINNO's official website, the company has 19 domestic remanufacturing operating centers and 5 overseas subsidiaries, with business coverage in over 40 countries and regions worldwide, more than 1,600 global employees, and an annual work order volume of over 6 million.

EqualOcean found in the 2021 report by iResearch that, the investment in global after-sales service for Chinese mobile phone companies is expected to exceed CNY 70 billion by 2023. Many of the leading mobile phone manufacturers that entered the overseas market earlier have established a global after-sales system through self-built networks or cooperation with third-party service providers. The increase in shipment volume and unit price of Chinese smart hardware manufacturers in overseas markets, as well as the need to improve brand image and customer satisfaction, are the main driving forces for the overseas 3C product after-sales service market.

Since 2020, CINNO has been expanding its overseas business and has established subsidiaries in Poland, the Netherlands, the United States, Mexico, and India, with plans to expand further into the Russian, Southeast Asian, and Middle Eastern markets. In the overseas market, the company mainly serves telecommunications operators, overseas smart hardware brands as well as cross-border e-commerce customers, covering major categories of smart hardware products such as mobile phones, smart cleaning products, smart short-distance travel products, and mobile energy storage products.

CINNO CEO Zhou Deming stated that the company's revenue growth rate is currently over 50%, with overseas revenue contributing about 25%. The future goal is to have an equal split of domestic and overseas revenue. In terms of the team background, core team members have previously worked at companies such as Huawei (华为), ZTE (中兴), Foxconn (富士康), and Lenovo (联想). Zhou himself was formerly the head of Huawei's North America terminal business and the Asia-Pacific President of CTDI, a US communication equipment repair service company.

Active Chinese companies  in the electronic product after-sales market include FS Cloud (瑞云服务云), Udesk (北京沃丰时代数据科技). On the foreign side, Servify in the United States and Proton in the United Kingdom are actively expanding their presence.

The current round of financing for CINNO was led by eWTP Arabia Capital (易达资本), and the funds will be mainly used for operational capital replenishment, construction of domestic and overseas operating centers, and after-sales system iteration.

At this critical stage, the ESG2023 "the US Sub-Forum" will be held in Shenzhen on June 2, 2023. EqualOcean will invite the representatives of academic institutions and investment institutions, as well as company leaders, from the International Studies Institute of Fudan University, Sun Yat-sen University, Jinan University School of International Relations, Gaorong Capital, Vision Plus Capital, FreeS Fund, ZWC Partners, Source Code Capital, Niu Technologies, TikTok, SHEIN, NEIWAI, miHoYo, Tuya, MINISO, Dreame, Ecovacs, WYBOTICS, Lifen, and UniUni.EqualOcean analysts will also release the US Report 2023 at the US Sub-Forum, summarizing business opportunities and best practices for expanding into the US market in the new stage. 

Click the EqualOcean全球化峰会(ESG 2023)出海美国论坛 to apply and scan the QR code below to learn more about ESG2023.