Shanghai’s upstart e-commerce firm FruitDay specializing in fresh produce retail has received a total of $70 million worth of investment after its series C funding round, with most of the money coming from China’s largest online direct sales company, JD.
JD was followed by SIG and ClearVue.
FruitDay claims that it is the biggest fresh produce retailer in the country in terms of revenue. However, it did not reveal the exact figure of its earnings.
The firm's founder and CEO, Wei Wang, remarked that "for over six years, FruitDay's dedication to providing Chinese consumers with the best possible experience shopping for fresh produce online has helped us become the clear leader in this fast growing vertical."
"The financing announced today will allow us to continue strengthening FruitDay's market leadership as we build a world-class management team and further expand our cold chain logistics and upstream supply chain capabilities," Wei added.
Meanwhile, a JD spokesperson told Tech in Asia that with its capacity, FruitDay "will augment their existing delivery network . . . particularly in areas where they have developed less logistics infrastructure."
JD is regarded as one of the firms with the most advanced logistics network in the country, promising a one-day free delivery on majority of its products.
The firm also already offers a roster of fresh foods and fruits.
FruitDay, founded in 2009, expects to add another 10 million users for this year alone. Currently, 80 percent of its orders are made via mobile transactions and 60 percent are coming from outside its base city, Shanghai.