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Yiguo Achieves Record High Financing in Fresh Produce Sector
Suning Investment Group recently led the C+ round financing to support Yiguo’s further development. In 2016, the total financing from both the C and C+ rounds to the fresh produce e-commerce leader hit 0.5 billion USD, a record high in the history of fresh produce financing in China.
This is a huge market of 3,000 billion RMB, catering to the consumption needs of a population of 1.3 billion people. On the one hand, there is rising consumer demand, and on the other, an insufficient and inefficient supply chain. This supply/demand conflict demands upgraded market strategies for the fresh produce e-commerce business.
Yiguo, the fresh produce e-commerce market leader, recently celebrated its 11th anniversary at a conference held in Shanghai by announcing its C+ round financing and future market development strategies.
Zhang Ye, Yiguo Group CEO, said, “In the field of e-commerce business, the fresh produce sector has the lowest market penetration rate of around 2–3%, compared to an average of 20% in the book and fashion sectors. Thus, the fresh produce market still has huge market potential in the future.”
Agreeing with this viewpoint and recognizing Yiguo’s management professionalism, wide range of produce varieties, and rich national sales channels, Suning Investment Group led the C+ round financing to support Yiguo’s further development. This is hoped to kick off a strategic cooperation with Yiguo, as Suning Supermarket itself has also braved the fresh produce business both online and offline since entering this industry in 2015.
According to Yiguo, in 2016 the total financing from both the C and C+ rounds reached 0.5 billion USD, a record high in the history of fresh produce financing in China.
Despite the bottleneck hindering further growth of the e-commerce business, Zhang Ye said they would insist on fulfilling their social and industrial responsibilities by setting up more effective business strategies and plans.
To prove this, at the conference Yiguo also announced the establishment of its supply chain company. Together with Yiguo’s sales channel management system, ExFresh cold-chain logistics, a whole standardized management system will therefore be achieved, in the hope of contributing to the further development of the entire fresh produce industry, according to Jin Guanglei, co-founder of Yiguo Group.
Established in 2005, Yiguo has become one of the largest vertical fresh produce e-commerce platforms in China. In addition to fruit, Yiguo has experienced great success in its meat, seafood, and chicken and egg categories.
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