Founder became monk

EDianbao was started not long after Taobao’s founding in 2003, and enjoyed a surge of growth corresponding to the overall ecommerce boom in China. However, in 2020, EDianbao ran out of cash, despite earlier funding for Sequoia and many others. While there were probably many leadership and management issues leading to EDianbao’s shut down, the macro landscape did not help either. China's SaaS sector is a perfect illustration of the “involution”(“内卷“） that everyone is talking about in China.