58.com-backed home renovation services marketplace Tubatu has signed up Mainland Chinese acting star Lei Jiayin to front its latest advertising campaign. 58.com (NYSE: WUBA) led a $200 million U.S. series C funding round in Tubatu in 2015, which valued the company at more than $2 billion U.S.
Tubatu was reported to have filed for an IPO last year, but nothing has come of it. Rival Qeeka Home (HKEX: 1739), which operates the Jia.com site, went public in July — albeit at a valuation 29 percent below what Hong Kong private equity firm Cachet Capital paid for its stake four months earlier. Qeeka, which is backed by Baidu Inc., raised $150 million in the IPO.
Tubatu also offers loan services.
The new website matches users with renovation solutions and suppliers, with Ke Finance providing renovation loan products to customers. Ke Finance and the Lianjia Research Institute released its “2018 Beijing Big Data Report on Renovation Trends” in March. It found that 60 percent of customers are willing to borrow money to pay for renovations, but only 20 percent of families apply.
The renovation site offers a selection of pre-approved renovation companies and provides support services like free professional measuring services, home inspection, advance reimbursement, and one-on-one consultancy. Ke Finance provides customers with customized financial products and installment loans.