China-based online groceries retailer Benlai Life has received $30m in series C capital from kitchen and home appliances manufacturer Joyoung, China Money Network reported on Thursday.
Joyoung invested through an unnamed subsidiary and now holds a 3.8% stake in Benlai Life, which secured the capital at a $785m valuation.
Founded in 2012, Benlai Life is operated by Kindler’s Information Technology. Consumers can purchase fresh food items such as fruits, seafood and meat on the site which are then delivered to them.
Benlai operates three warehouses across China, in Beijing, Shanghai and Guangzhou, and is available to users in 22 cities.
The company had raised several tens of millions of renminbi (10 RMB=$1.50) in series B funding earlier in 2015 from unnamed backers. CDH Ventures previously led a series A round of undisclosed size that also included Banyan Capital and China Consumer Capital.
Benlai’s shareholders also include Dadi, Best Link Investment Holdings, Leap High, Future Bright Global, Green Shield Enterprises, Future Bright Global, Green Shield Enterprises and J&Z, according to a regulatory filing.
– Image courtesy of the US Department of Agriculture’s Agricultural Research Service