Chinese fresh produce e-commerce platform Benlai raises USD 200 million in Series D1 round

The company expects its entire business operation to be profitable in 2019.

Photo: Tuchong

Beijing-based fresh produce e-commerce platform Benlai Group has closed its Series D1 round collecting USD 200 million led by Shenzhen-based Mingde Holding, according to a company’s press release.

Previous investors such as Gaorong Capital also participated. Mingde is also the largest shareholder of Shunfeng Express, China’s largest private courier, while Gaorong was once an investor for China’s social e-commerce platform Pinduoduo.

The fresh funds will be used to expand Benlai’s business-to-customer e-commerce platform and online-to-offline businesses.

Benlai.com, the company’s B2C marketplace which features fresh produce supplied by various retailers located everywhere in China, including fruits and meat, has turned profitable during the 2018 fiscal year, said the company, foretelling RMB 100 million (USD 14 million) in profits for this B2C business segment in 2019.

The company predicts its entire business operation to be profitable in 2019.

The company has also developed an O2O business called Benlai Xian (Xian means fresh) since July 2017. Benlai now owns 400 brick-and-mortar stores that allow customers living close to these outlets to order products via a mini program on WeChat for delivery. Benlai.com and Benlai Xian are separate from each other, each meeting different customer’s needs.

Benlai, which has built up its own supply chain, is among the fresh produce startups that have raised funds recently, and is also one of the few in the market that has announced profitability.

Tongcheng Shenghuo, which also sells fresh produce to community dwellers, recently raised USD 100 million in a Series B round.