On Wednesday, Boqii Holding Limited (NYSE: BQ) announced a strategic partnership with Kuaishou Technology (HKEX: 01024).
The Shanghai-based company said in a statement that, through the partnership, Boqii and Kuaishou will leverage their respective resources and expertise to generate more pet content, support pet influencers and help to raise awareness of pet care.
In addition, the collaboration will help Boqii to produce more high-quality pet content by leveraging Kuaishou's strong data analytics and large user base. The two companies will jointly promote the development of pet content to guide pet parents, provide more traffic conversion opportunities for pet KOLs and help more brands build their presence on emerging content platforms, added by Boqii.
"We are thrilled to partner with Kuaishou Technology," said Hao Liang, the chairman and chief executive officer of Boqii.
Liang added, "Kuaishou Technology is one of China's top content communities. We are confident of the synergy that Kuaishou and Boqii can create through this partnership. Together we can raise awareness of pet care, provide education for pet parents. This is core to our mission and DNA. We look forward to working with Kuaishou on a variety of initiatives to optimize our pet content offering, accelerate our user base and traffic growth, and further improve our pet ecosystem."
Last month, Boqii reported that revenue for the three months ending December came in at $48 million, up 23% year-over-year. Net loss expanded 45% to $12.6 million, according to the report. Boqii Mall revenues reached $17.64 million versus $14.12 million in 2020. The revenue from third-party e-commerce platforms hit $30.64 million.
Boqii sells pet products, provides pet training courses and pet-related content, seeking to monetize the growing “pet humanization” trend.
Shares closed at $5 on Wednesday, same as yesterday’s close.