Chinese fresh food e-commerce platform Pupu Mall has raised US$100 million in a series B2 round of financing for construction of network and supply chain in South China.
"This round of financing has a large time span. It will be divided into multiple batches, each amount of about tens of millions of US dollars, and will complete in April next year,” said Chen Xingwen, founder of Pupu Mall.
This is the company’s second funding round in 2019, following a US$55 million series B1 round of financing in this March.
Pupu Mall, fully known as Fuzhou Pupu Mall E-commerce Co Ltd, was launched in September 2016 in southeast China’s Fuzhou city to provide 30-minute fresh food delivery service. The company applies a "front warehouse plus online operation" retail model. Instead of opening brick-and-mortar stores, Pupu Malls operates small independent warehouses around residential communities to conduct commodity turnover, short-term storage, sorting, and distribution.
Pupu Mall provides various products like fruits, vegetables, meat, poultry, seafood, grains, snacks, and other daily necessities. Products are delivered to users’ apartments in an average of 24 minutes after they place orders through Pupu Mall’s mobile app and WeChat mini-program.
(This article is translated from 36Kr. You can see the original article in Chinese here.)