SAIF Partners invest in Womai.com food retail site

COFCO Group, China's largest food trader, said SAIF Partners have invested in its food retail website Womai.com.

The terms of the investment have not been disclosed but the amount is estimated to be more than $10 million.

Womai.com said the funds will be used for marketing and network expansion across the country. Fresh food, alcohol and cooking oil will be its main development focuses.

The company is also enhancing the ability of its cold chain service to compete with its main competitors, such as Wal-Mart's yihaodian.com and sfbest.com, which is owned by China's SF Express (Group) Co.

In the meantime, SAIF Partners will provide marketing strategies, business development methods and capital management to the company.

SAIF Partners was established in 2001, and currently manages around $3.5 billion of capital across four US dollar funds and several Renminbi funds throughout the world, though mainly in Asia.

Founded in 2008 by COFCO, Womai.com aims to become China's biggest online food shopping platform.

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