Chengdu-based logistics solution provider Xianshenghuo has closed its Series A round, bagging US$ 92.5 million from Longfor Capital, CICC Capital, and Far East Horizon.
Established in 2016 by Chinese agricultural giant New Hope, Xianshenghuo transports chilled and frozen food products from farms and factories to fresh food retailers and food processing firms.
Xianshenghuo operates an online platform called Yunlizhi, which allows clients to order and pay the transportation service online and track their goods 24 hours. The firm now has a total of 45,000 self-owned or third-party cold-chain vehicles, as well as 50,000 drivers, and has built up 120,000 sqm of warehouses space.
According to kr-asia.com, the fundraising comes at a time when the online purchase of fresh food is increasing fast in China as more and more people are shifting to on-demand grocery delivery platforms.
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