Self-service convenience store chain BingoBox announced on January 17th, 2018, that its second round of investments had been completed. The target for this round of investments was 80 million USD. The leading investments by Fosun were followed by investments from Qiming Venture Partners, GGV Capital, Pusi Capital, and Yintai Capital. According to TenCent Entrepeneur, Bingobox started to scale up in June and continues to spread until today. Bingobox has already entered 29 cities. In the future they will concentrate on getting a footprint on the ground in more cities. They work hard to achieve a scale where they offer the service of one self-service convenience store per 20 thousand people.
At the same time, BingoBox has also announced a program, BingoBox Mini, that offers self-service money withdrawal. They have taken the traditional convenience store in third-tier cities as an example. Implementing the complete program of BingoBox Mini could cut the cost of manpower by 50%.
Apart from this, BingoBox is currently researching and developing a brand new artificial intelligence program called "Xiao Fan, Fan AI". This AI could perform 800-1000 kinds of SKU emulations in a 10-day period. This is enough to support the opening and daily management of one traditional convenience store. The BingoBox team simultaneously unites AI specialists and directs their specialization to research and development in the retail industry.
Following this round of investments, BingoBox will establish a high-density grid of self-service retail areas in accordance with their aim of one BingoBox per 20 thousand people. According to these criteria, an area with a population of 10 million people will have a high-density grid of 500 BingoBoxes.
Source: TenCent Technology
