Grocery retailer Yipien Fresh (Yipin Shengxian) has scored RMB 2.5 billion (USD 359 million) in its Series C round, led by Tencent as well as Today Capital, and joined by Eastern Bell Capital, Tencent Investment posted on its official WeChat account on Tuesday.
Tencent also led Yipien’s RMB 2 billion Series B in March 2019.
This new round comes as investors are increasing their bets on the fresh food sector. Grocery group-buying platforms Tongcheng Shenghuo and FamilyOne decided to merge their businesses, KrASIA reported on Monday. The combined entity already raised “several tens of millions of dollars” in a Series C+ round.
Yipien runs nearly 900 fresh-food neighborhood supermarkets in 17 cities in China. It was founded in 2013 in Hefei, capital of East China’s Anhui province. The company also operates an app and a WeChat mini program called Yipien Daojia, allowing online ordering and second-day delivery.
Yipien will use the new funds for business expansion, R&D, and to build out its logistics network, Tencent Investment said in its statement.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.