Letus Legend, a fresh produce chain supermarket operator from Hefei (province of Anhui), today announced that it has raised a RMB300 million ($43 million) series B round of financing led by IDG Capital.
BA Capital and existing investor Sequoia Capital China also participated in this round, which brings the company valuation to RMB3 billion ($433 million). Founded in 2015, Letus Legend provides fresh food and kitchen supplies through its brand Shengxian Chuanqi, which often locate near residential communities.
The company now has 100 stores in Anhui Province, each with an area of about 240 square meters and 2000 stock keeping units (SKU). The gross profit margin of a single store is about 17%, and the daily turnover is around RMB30,000 ($4,330), said Letus Legend’s founder Wang Wei to Chinese local media.