Cross-border Near-expired Food M-commerce App Saohuo Wins Angel Funding
36Kr.com, 3/25/16
Shanghai-based Dingfan Import and Export Trading, operator of cross-border near-expired food m-commerce app Saohuo (literally "scan goods"), has completed RMB 8-digit angel funding from PreIPO Capital chairman Wu Kezhong in coordination with other investors. The funding will be used for recruitment, supply chain, and to attract more users.
In the Chinese imported food industry, imported foods will first be brought into the country, sent to a distributor, and then delivered to Chinese supermarkets. Supermarkets will return products that have less than half their shelf life remaining to distributors which then resell them at a discount to buffets, factories, and other buyers.
Saohuo acquires these discounted foods, which are typically biscuits, candies, and instant meals, to sell through the e-commerce platform at a price based on the expiration date. Currently, there are 40,000 registered users, more than 10,000 monthly orders, and an average per-customer order of about RMB 100.
Approximately 70% of the goods on Saohuo are sold directly by Saohuo, but the company hopes to attract more suppliers to the platform and bring its ratio down to 10%.
Keywords: Dingfan Saohuo funding angel funding Wu Kezhong VC cross-border m-commerce m-commerce wireless
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