Suning leads fundraising round in Yiguo

Chinese home appliance retailer Suning Commerce Group is leading a $200 million round of new fundraising in Yiguo.com, a fresh produce e-commerce platform backed by Alibaba Group Holding Ltd, bringing the total of Yiguo's fundraising in 2016 to $500 million.

Zhang Ye, CEO of Yiguo, said the funds raised will be used to develop its supply chain capacities, logistics infrastructure and distribution channel expansion.

Zhang said he expects 11-year-old Yiguo to be profitable in 2018, but he did not disclose Yiguo's financial goals.