China’s second-largest online shopping platform, Pinduoduo, is planning to raise as much as $5.6bn in new debt and equity financing as it doubles down on its roots selling farm goods online.
Pinduoduo said it had spent five years creating demand among Chinese consumers for fruit and vegetables bought directly from farmers, short-circuiting traditional markets and supermarkets.
But it said that it needed to invest in staff, warehouses, cold chain logistics and transport in order to resolve “fundamental roadblocks” to one-day delivery of farm goods across the country.
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