Chinese community fresh food store Qdama announced on Thursday the completion of a series D round of financing worth nearly RMB1 billion (US$142.92 million) led by Co-Stone Capital.
Genbridge Capital, Jiangu Capital, Zhenghan Investment, Lighthouse Capital and Taikang Life Insurance also participated in this round.
Proceeds of this round will be used for business area expansion, online business development, industrial chain integration, nationwide warehouse network layout, and continuous investment in technology centers.
Founded in 2012, Guangzhou-based Qdama focuses on fresh food market. The company sells over 500 high-quality ingredients and has 1652 stores in cities including Guangzhou, Shenzhen, Shanghai, Wuhan and Hong Kongas of the end of November.
"We think Qdama has a very simple and effective business model, which has achieved a good balance between growth and cash flow. We look forward that Qdama will bring value to consumers in new regions and new models in addition to basic business," said Han Rui, Managing Director of Gaorong Capital who led a series C round in Qdama.
(This article is translated from Gaorong Capital. You can see the original article in Chinese here.)