China-based Benlai Life, an e-commerce startup dealing with fresh produce has raised $30 million in Series C round of funding led by subsidiary of Joyoung, a Chinese kitchen and home appliance maker.
Founded in 2012, Benlai Life is an upcoming startup in China that offers fresh produce directly to the consumers. Earlier this year, the startup has secured tens of millions US dollars in its Series B round of funding. The investors of the round were not disclosed. The startup has three warehouses in Beijing, Shanghai and Guangzhou and temperature-controlled logistics chain covering 22 major cities in China.
The operator of Benlai Life, the Kindler’s Information Technology has recorded RMB268 million in revenues and a loss of RMB209 million in the financial year of 2014 ending in March 2015. Further to the completion of this round, Joyoung will hold 3.82% of Benlai Life, which indicates that the round valued the startup at $785 million.
Benlai Life’s competitor Shangai-based Fruitday raised $70 million in Series C round of funding led by JD.com in May last year. Another startup Beequick raised $70 million in Series C last September.