Pinduoduo, China’s fastest growing e-commerce app, looks to sell more fruits and vegetables to its 300 million users with a plan to invest RMB10 billion (around US$ 1.6 billion) in the marketing of agricultural products which will be sold directly from farmers to consumers. At a valuation of $15 billion, Pinduoduo just raised $3 billion investment from a consortium led by Tencent. It is the second most popular online shopping app by market penetration rate, ranking only after Alibaba’s Taobao in March according to a report by data service Jiguang.
In fact, Pinduoduo is not the first company that seeks to tap into the market of agricultural products, as Meicai, the e-vendor founded in 2014, has been helping farmers sell products to restaurants. Alibaba and Tencent-backed JD have respectively launched plans to ramp up their presence in the market of agricultural products as well.