The fresh food retail chain plans to use the proceeds from the Tencent-led series B round, which included Meituan Dianping's Longzhu Capital unit, to expand to 1,000 stores this year.
Internet group Tencent has led a RMB2bn ($298m) series B round for China-based fresh food retailer Yipinshengxian, its Tencent Investment subsidiary announced on its WeChat account today.
Longzhu Capital, the corporate venturing vehicle formed by local services platform Meituan Dianping, also participated in the round, along with private equity firm Capital Today and venture capital firm Eastern Bell Venture Capital.
Yipinshengxian operates a range of retail stores across some 12 Chinese cites that sell affordable fresh food, including fresh produce.…
