Chinese Condiment Maker Jiangsu Jideli Raises CNY 200 Mn in Series B Funding

Consumer Staples Author: Peilin He Editor: Yiran Xing Jan 19, 2023 06:44 PM (GMT+8)

China's condiment sector is growing rapidly, with a 59.15% year-on-year growth in market size recorded in 2021.

condiment

Chinese condiment maker Jiangsu Jideli Food Co., Ltd (Jideli, Chinese: 江苏吉得利食品有限公司) secured CNY 200 million (USD 29.48 million) in series B funding today. Investors of the round include the Jiangsu government, WZ Group (Chinese: 物产中大, SH600704), and Wens Investment (Chinese: 温润投资), an investment firm of Wens Food Group (Chinese: 温氏股份, SZ300498).

Founded in 2017, Jiangsu Jideli provides food-flavoring compounds and owns four sub-brands, Jideli (Chinese: 吉得利), Shi Guang Wang Shi (Chinese: 食光往事), Henry Morgan, and Snorlax (Chinese: 卡比兽), covering daily flavorings and condiments, low-calorie condiment, mid-to-high-end Western-style seasonings, and barbecue sauces and condiments.

Jiangsu Jideli's revenues exceeded CNY 1 billion and its net profit went over CNY 100 million in 2022, with 80% growth consistently achieved in the past 7 years, according to a report.

Weng Weipeng, investment director of Wens Investment, said that Jiangsu Jideli has seen rapid growth in recent years. "The company has over 20 years of experience in operation and production, has its own factory, and can integrate supply chain resources. On top of that, the CEO and the team of Jiangsu Jideli, with their marketing experience and insights, adapt swiftly to market changes and iterate their products accordingly."

Statistics from Beijing Zhiyan Consulting (Chinese: 智研咨询) show that in 2021, China's condiment market size reached CNY 727 billion, an increase of 59.15% year over year. Major players in the market include Foshan Haitian Flavoring & Food (Chinese: 海天味业, SH603288), Lee Kum Kee (Chinese: 李锦记), and Lao Gan Ma (Chinese: 老干妈).