Tiantu Capital Leads $63M Series A Round In Pagoda

Shenzhen-based fresh fruit chain Pagoda has completed RMB400 million (US$63 million) series A round of financing led by Tiantu Capital.

GF Xinde Investment Management and other undisclosed investors also participated, according to an announcement posted on the company’s Weibo account.

Founded in 2002, Pagoda currently operates 1,100 chain stores in 19 cities in China with annual gross revenue of RMB2 billion (US$313 million).

The company says it plans to open 1,600 additional stores in the next two years, as well as building three processing centers to support its retail store expansion.

Pagoda is exploring build-up of its e-commerce channels, and plan to have 30% of its sales transacted online in the future.

In May 2015, JD.com Inc. led a US$70 million series C round in Shanghai-based fresh produce e-commerce platform Fruitday, with participation from SIG Asia Investments and ClearVue Partners.

Caishen.Co - Primary Data for China Secondary Investment and Stock Markets
Caishen.Co - Primary Data for China Secondary Investment and Stock Markets
Nina Xiang is the co-founder and managing editor overseeing editorial content and product development at CMN. Before founding CMN in 2011, Nina worked at BusinessWeek magazine in Beijing and Institutional Investor magazine in New York, writing about business and financial services. While in New York, she also served as part-time correspondent for Shanghai's financial television channel, China Business Network, as well as China Radio International, China's national English-language radio network.