Chinese start-up Meicai, which helps farmers sell their vegetables to restaurants, raised more than $600 million in a recent funding round.
Using Meicai’s app, restaurants are able to order various vegetables directly from farms, effectively cutting out the need for middlemen in the traditional wholesale process. Meicai aims to service 10 million small and medium sized restaurants in China. Meicai currently owns warehouses, delivery teams and trucks. The company is the largest mobile commerce platform for agricultural products in China.
The funds raised in the recent funding round will be channeled towards helping the company to compete for a larger market share. The company was valued at $7 billion. Meicai was valued at $2.8 billion in its previous funding round back in January. At that time, it raised $450 million from a funding round by China Media Capital and Tiger Global Management.
Source: chinaknowledge.com