China’s Suning leads round for PE-backed Yiguo
Yiguo, a Chinese PE-backed online fresh food retailer, has completed an extended Series C round of funding led by domestic home appliance retailer Suning Commerce Group.
The size of the round was not disclosed. Other investors include Goldman Sachs, Credit Suisse, Fidelity, Bank of China International and domestic PE fund Certain Capital. Including a Series C round from KKR and existing strategic investor Alibaba Group in March, Yiguo has raised more than $500 million this year, according to a statement.
Founded in 2005, Yiguo sells seafood and fruit online from China and overseas. The company provides one-stop services, management of food procurement processes, cold-chain quality control, online order processing and food distribution. Yiguo has claimed to take an average of 200,000 delivery orders per day, with daily transactions worth RMB10 million ($1.5 million). Its services cover more than 200 Chinese cities.
As part of the agreement, Yiguo and Suning have formed a partnership which allows Yiguo will access Suning's online and offline channels. "Suning's rich experience in logistics management will significantly improve our logistics capabilities, and we anticipate further cooperation with Suning," said Yiguo's founder and CEO Ye Zhang.
Yiguo raised more than $10 million from Alibaba in 2013. In 2014, Yunfeng Capital and Alibaba provided an undisclosed Series B round of financing for the company.
The Hina Group and Credit Suisse acted as financial advisors for Yiguo's latest round.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.