Meet you, China’s leading female community app, posted a monthly turnover of RMB 120 million (USD 18 million) on Tuesday via Weibo, in response to an earlier accusation that it exaggerated its profit.
Founded in 2013, “Meet you” is basically a menstruation tracking app, with e-commerce attached. The app collects its user’s data, predicts dates of their periods and ovulatory period, and offers health and fitness tips accordingly.
As of July 2015, the company claimed that it had over 100 million users and five million daily active users.
Earlier this month, the startup was reported to have closed RMB one billion (USD 150 million) Series E financing.
Its profit comes from two areas – advertising and e-commerce. The latter was the area where Meet You was accused of fabricating its profits. But the evidence on Tuesday showed that its sales turnover was about RMB 120 million from 1 August to 30 August; it generated a profit of RMB 11 million from the commissions on these sales.
Its e-commerce business works like this: its users buy products on the app from Alibaba’s Taobao, China’s largest e-commerce platform, and the app gets commission as profit.
Unlike many Beijing-based startups, the company is headquartered in the southeastern Chinese city of Xiamen.
The company has a rival, menstruation tracking app Da Yima. “Da Yima” in Chinese literally means “eldest auntie”, but is commonly used as a euphemism for menstruation. Da Yima stated in June this year that it had attracted over 100 million users and five million daily active users, the same with what “Meet you” stated last July. Last October, Dayima raised USD 20 million in financing.
(picture taken from Wikipedia)