Online retail multinational Amazon has invested $20million in the Shanghai-based web food company Yummy 77, TechNode reports.
The Chinese company offers seasonally fresh and gourmet products online including dairy, fruit, seafood and meat and ships them across China, catering for the growing demand for premium imported food products among city dwellers.
The investment in Yummy 77 could allow it to extend its category coverage and also expand its network beyond Shanghai, according to reports. The Chinese company, whose sales exceeded $16 million in December last year and which recently surpassed 1 million users, will remain as a standalone entity with Amazon holding a minority stake.
The move is the latest of a series of investments by Amazon in China. Last year it launched its Kindle devices in the country, as well as its cloud service AWS.
Source: Granconsumo.tv / TechNode / CNet