International

Amazon Makes First Chinese Investment, Drops $20M Into Chinese Food Vendor Yummy77

Perhaps answering Chinese rival Alibaba’s participation in a $250 million funding round for ride-sharing service Lyfit, American e-commerce giant Amazon has proved that it an investment overseas too and reportedly paid $20 million for a minority stake in Yummy77, an online company that provides fresh food to customers across China.

According to reports by TechNode, this represents Amazon’s first investment in the Chinese marketplace. Yummy will remain an independent entity and its operations will continue unchanged.

The food delivery service launched in 2013, and offers seasonally fresh products for order online. Its products  include seafood, meat, and dairy, which it ships across China each day. The service is a compliment to Amazon Fresh, which offers fresh groceries and free same-day delivery and Amazon Pantry, which specializes in the bulk delivery of dry goods. Both services only run in the U.S. currently.

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