Sunday, 2024 April 14

Taobao’s formidable rival Pinduoduo wants to sell more fruits to 300 million consumers

Pinduoduo, China’s fastest growing e-commerce app, looks to sell more fruits and vegetables to its 300 million users with a plan to invest RMB10 billion (around US$ 1.6 billion) in the marketing of agricultural products which will be sold directly from farmers to consumers. At a valuation of $15 billion, Pinduoduo just raised $3 billion investment from a consortium led by Tencent. It is the second most popular online shopping app by market penetration rate, ranking only after Alibaba’s Taobao in March according to a report by data service Jiguang.

In fact, Pinduoduo is not the first company that seeks to tap into the market of agricultural products, as Meicai, the e-vendor founded in 2014, has been helping farmers sell products to restaurants. Alibaba and Tencent-backed JD have respectively launched plans to ramp up their presence in the market of agricultural products as well.

Source: Lieyunwang

Xiaochun Zhao
Xiaochun Zhao
I'm Xiaochun with KrASIA [kri’eɪʃə], a newborn digital media with a dedication to help Asia uncover its innovations and to create.

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