Womai.com, the China-based online grocery retailer launched by Chinese government-owned food producer COFCO, has closed a $200m series C round, China Money Network reported today.
The round was co-led by insurance firm Taikang Life Insurance Company and internet services provider Baidu, both of which plan to initiate strategic partnerships with Womai, according to local media reports.
Womai was founded in 2009 as a food and beverage e-commerce subsidiary of COFCO, China’s National Cereals, Oils and Foodstuffs Corporation. It sells local and imported goods to a Chinese customer base.
Venture capital fund SAIF Partners provided an eight-figure dollar amount for Womai’s series A round in 2012, before returning for a $100m series B round in August 2014 that was led by IDG Capital Partners, the Chinese corporate venturing affiliate of media company International Data Group.