China-based online food delivery service Daojia closed a $50m series D round featuring e-commerce company JD.com and investment bank Macquarie Capital on Tuesday.
Venture capital firms Morningside Ventures and CDH Venture also took part in the funding.
The primary focus of Daojia’s delivery service, which it claims has more than one million registered users, is restaurant food delivery, which it operates in eight cities. The funding will be used to expand its operations across more cities.
Hao Sun, Daojia’s chief executive, said: “We are delighted to receive this latest round of fundraising which will enable Daojia to invest in and upgrade our core restaurant delivery services to better serve our rapidly growing customer base.
“We are focused on strengthening our technology infrastructure to help us reach our target of operating in 20 to 30 cities in China by next year.”
Daojia closed a series C round in 2013 from JD.com and Morningside Ventures, having raised $15m from a 2011 series B round led by CDH Investments. Prior to this, Daojia raised $9.5m from series A and B rounds, according to The Wall Street Journal.
Sun has stated that Daojia is planning an IPO in future, but not for at least three years.