Chinese fruit store chain raises $230m Series B

Investors include a PE subsidiary of China International Capital Corporation (CICC), Co-Stone Capital, Source Code Capital, the government-backed Yuexiu Financial Industry Fund, and Shenzhen Capital Group. The new capital will be used to expand the company's offline and online sales channels, and to improve operational efficiency.

Founded in 2001, Shenzhen-based Pagoda has expanded rapidly. The company now has more than 2,800 directly-owned retail stores in 40 Chinese cities. Its stores provide premium quality fruit – about a third of its products are directly sourced from overseas suppliers – at affordable prices.

China’s fresh fruit retail industry generates about RMB70 million in revenue every year, and Pagoda makes up only 1% of the market. As such, the company sees considerable room for growth, it told in a local press conference. Pagoda also plans to scale up its business through franchising, offering sales solutions and staff training to franchisees.

The company previously raised a RMB400 million Series A round from Tiantu Capital and GF Xinde Investment Management in 2015.

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• Topics
• Greater China
• Consumer
• Expansion
• China
• Source Code Capital
• Shenzhen Capital Group
• Growth capital
• CICC