Goldman Sachs-Backed Miss Fresh, Expects to Reach RMB 10 Billion Revenue in 2018
In the year of 2018, Miss Fresh is expecting to reach RMB 10 billion revenue, Miss Fresh told EqualOcean on November 17.
Miss Fresh (每日优鲜), a leading fresh products e-commerce startup in China, reported this week its sales of the 2018 Singles Day increased 611% compared to last year. In the year of 2018, Miss Fresh is expecting to reach RMB 10 billion revenue, ZHANG Yao (张垚), public relations director of Miss Fresh, told EqualOcean on November 17.
Founded in October 2014, Beijing-based Miss Fresh provides online ordering of fruits, vegetables, dairy products, meat, beverages and drinks. Operated in more than 40 cities at the moment, XU Zheng (徐正), founder and CEO, said in September that Miss Fresh will expand into 100 cities and set up 10000 front-end warehouses to serve 100 million families in the future.
Enough money is necessary to support expansion, in this September, Miss Fresh raised USD 450 million led by Goldman Sachs and Tencent, other investors including Hong Kong-based Jeneration Capital, Arizona-based firm Davis Selected Advisers, Poly Capital, Glade Brook Capital, Sofina, Tiger Global Management, and China Renaissance’s own growth fund. The latest round plus the previous investments made Miss Fresh a unicorn at a value more than USD 1 billion.
According to EqualOcean’s sister website IYIOU.com, starting from 2017Q2, Miss Fresh launched the strategy of “cloud refrigerator”, and plans to invest RMB 300 million in “Convenience Shopping”, a self-service goods shelf in offices, now its convenience business has 100000 points according to the company’s claim.
Online ordering of Fresh food is one of the most difficult e-commerce verticals, but it shows great` potentials to become a trillion-market in China. Alibaba and Tencent, the most two valuable Chinese internet companies, are fighting fiercely in this vertical.
Tencent’s fresh food investments or acquisitions include JD Fresh, Walmart, Yonghui, Carrefour and Miss Fresh, while the alliance led by Alibaba including Tmall Fresh, Hema, RT Market, Auchan, Suning Fresh, and Yiguo (易果).
Alibaba backed Yiguo, a direct competitor of Miss Fresh, was reported in January 2018 that it has been actively preparing IPO in the U.S., and Miss Fresh, which aims to IPO overseas someday, did not reveal a timeline.
——Author: YuanPu; Write to YuanPu at YuanPu@EqualOcean.com