Kul Bhushan · · 1 min readAlibaba leads $100m round of Chinese supermarket chain
T11, a China-based retail chain focused on fresh food and groceries, has raised US$100 million in a series B round led by Alibaba, reported 36Kr. The round also saw participation from Review Capital and existing investor MSA Capital.
T11 uses technology to offer fresh produce items such as fruits and vegetables, baked food, and more at its stores. It offers its services across both online and offline channels.
The latest fundraise comes after the company reportedly raised “tens of millions” of US dollars in a series A round in April last year.
Since its launch in 2018, the retail chain has opened eight stores across Beijing, Shanghai, and Wuhan.
Interestingly, T11’s business model is said to be similar to Alibaba’s supermarket chain, Freshippo. According to a report, Alibaba has more than 200 Freshippo supermarkets across China.
T11 plans to use the fresh capital to upgrade its services as well as to improve its supply chain, ecommerce platforms, and retail technology.
See also: Demystifying the Alibaba mafia
Editing by Collin Furtado and Lorenzo Kyle Subido
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