Fresh Produce E-tailer Yiguo Lands Series C+ Funding
iYiou, 11/09/16
Shanghai-based Yiguo E-Commerce, operator of online fruit retailer Yiguo.com, recently announced completion of Series C+ funding. Suning Investment Group led the funding round with a USD 200 mln investment to become Yiguo's largest shareholder. A representative for Yiguo said that the total funding amount has not yet been announced and the company would release details soon. Following the funding round, Yiguo will become fully integrated with Suning's e-commerce business and will offer more than 4,000 fresh food product SKUs.
Suning Investment Group is a subsidiary of Suning Holdings Group, an affiliate of Chinese consumer electronics and home appliance retailer Suning Commerce Group (002024.SZ).
Yiguo operates through online and mobile app clients and through a public account on Tencent's (0700.HK) WeChat mobile messaging app to sell and deliver fresh fruit and vegetable products. The average customer order is on Yiguo is currently between RMB 150 and RMB 200, with the average profit margin exceeding 30%. Yiguo's logistics subsidiary, Shanghai-based ExFresh Logistics Technology, currently handles more than 100,000 orders per day and reaches more than 330 major cities and regions throughout China.
Yiguo E-Commerce was established in February 2007.
Editor's Note: For more information on this topic, please see "Online Fresh Food Retailer Yiguo Lands Series C from Alibaba, KKR," MD 3/28/16 issue.
Keywords: M&A e-commerce Internet funding 002024.SZ fresh food Yiguo Suning Commerce Suning Yigou B2C Series C Suning Holdings Suning Investment
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