E-commerce group Alibaba intends to provide RMB150m ($21.3m) in funding for China-based dairy product delivery service Tianxianpei, DealStreetAsia reported on Wednesday, citing a regulatory disclosure.
The investment will give the corporate a 30% stake in Tianxianpei and the deal is set to close before the end of 2020.
Spun off from dairy producer Mengniu Dairy in July 2018, Tianxianpei offers home delivery of branded Mengniu products such as milk, coffee, yoghurt and fruit juice to the homes of customers in 15 Chinese cities.
Customers can also buy products by scanning QR codes on smart fridges installed in public areas, or can place orders online or through mobile apps such as Alibaba’s Tmall and Taobao platforms that can be picked up using the QR code system.
