Search engine major Baidu Inc is entering the e-commerce sector for fresh produce by investing $20 million in a local online food retailer. Baidu has joined the latest $200 million funding round for Womai, a food website owned by China National Cereals, Oils and Foodstuffs Corp, a leading supplier of agricultural products, which is better known as COFCO Corp, said a report on qq.com, a news portal run by Tencent Holdings Ltd…Full Article: China Daily Oct 2015
- In 2017, Womai may launch an initial public offering (i.e. listed on a stock exchange).
- In July 2015, Baidu stated it would invest US$3.2 billion in its O2O (Online to Offline, or online to physical stores) e-commerce platform Nuomi over the next three years. Nuomi will offer a wide range of services including food delivery.
- Founded in 1952 and headquartered in Beijing, COFCO is the largest supplier of products/services in the agricultural products and food industry in China. COFCO serves as the main importing and exporting channel for bulk agricultural products such as wheat, corn, rice and sugar. As an investment holding company specialized in trade and processing of oil and foodstuff as well as other businesses.