Chinese fresh food e-commerce platform Pupu Mall has raised a US$55 million Series B1 round of financing from an undisclosed domestic USD-denominated fund, China Taihecap served as exclusive financial advisor in the transaction.

Pupu Mall, fully known as Fuzhou Pupu Mall E-commerce Co Ltd, was launched in September 2016 in southeast China’s Fuzhou city to provide 30-minute fresh food delivery service. The company applies a "front warehouse plus online operation" retail model. Instead of opening brick-and-mortar stores, Pupu Malls operates small independent warehouses around residential communities to conduct commodity turnover, short-term storage, sorting, and distribution.

Pupu Mall provides 3,600 stock keeping units (SKUs) covering various products like fruits, vegetables, meat, poultry, seafood, grains, snacks, and other daily necessities. Products are delivered to users’ apartments in an average of 24 minutes after they place orders through Pupu Mall’s mobile app and WeChat mini-program.

Source: https://www.chinamoneynetwork.com/2019/03/27/chinese-fresh-food-e-commerce-platform-pupu-mall-raises-55m-series-b1-round