Baidu Waimai, a food delivery online-to-offline (O2O) platform launched by Baidu Inc, aims to raise $300 million to $500 million in a new round of financing, news portal caixin.com reported on Tuesday [29 December 2015]. The company’s revenue is expected to surpass 8 billion yuan ($1.23 billion) in 2015, and it forecast revenue of more than 25 billion yuan in 2016, the caixin report said. About 40 percent of the proceeds will be used in building the food delivery O2O platform, 20 percent in product research, 20 percent in category expansion and the rest in marketing, the report said…Full Article: The Global Times Dec 2015

Key Point

  • As of October 2015, Baidu Waimai had operations in 109 cities.

ChinaAg Comment

  • 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.

Similar Posts by ChinaAg

Spread the word. Share this post!