Beijing-based Chinese fresh food and drinks e-commerce platform Womai.com is in the process of raising series B financing, according to Chinese media reports.
The negotiations are still in early stages, and it’s not clear how much capital the company will raise, or from which investors.
Womai.com, which means "I buy" in Chinese, plans to use the proceeds on building storage facilities, logistic centers, IT systems, as well as improving customer experience.
The platform, which operates under Chinese state-owned food conglomerate COFCO (China National Cereals, Oils and Foodstuffs Corporation), received series A funding from SAIF Partners in 2012.
That round valued the e-commerce platform at RMB500 million (US$80.2 million), and SAIF took a stake of around 30%, according to the media reports.
Founded in 2009, Womai.com has registered users of 1.5 million. It had total transaction value of RMB1 billion (US$160 million) in 2013.