Goldman Sachs Invests In China Online Food Platform Meican To Fuel Expansion

Goldman Sachs Investment Partners has led a series D round in Meican, a Chinese online food ordering platform targeting corporate customers.

No financial details were disclosed in a company announcement. Meican plans to use the proceeds to expand services to universities and medium and large-sized companies.

Catering food to corporations is a fast-growing business in China. Total revenue generated by the top 100 Chinese restaurants targeting corporate customers exceeded RMB60 billion (US$9 billion) in 2016, up 36.3% year-on-year. Total market size reached nearly RMB900 billion (US$133 billion), increasing 20% year-on-year, according to China Cuisine Association.

Launched in 2011, Meican provides online food ordering services in major Chinese cities via its mobile app and website. It’s core customers are large companies with over 2,0...

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