Amazon invests in Yummy77
Print Edition
US e-commerce giant Amazon said yesterday that it has invested US$20 million in Shanghai-based online food vendor Yummy77 as it diversifies its product offerings beyond books and general merchandise.
“Our investment in Yummy77 represents our commitment to China as it shares with us the same dedication for customer service and execution,” Steve Frazier, vice president at Amazon.com, said in a statement.
Amazon, however, didn’t reveal the stake it would acquire in the fresh food website.
Yummy77 is expected to use the funds from Amazon to expand its operation network beyond Shanghai.
Yummy77, set up in February 2013, offers dairy products, fresh seafood, fruit, among other products. It also competes with other online food vendors like Fruitday and Yiguo as fresh food vendors tap the growing demand among urban residents for high-quality imported foods and swift delivery.
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