As Instant Noodle Firms Suffer, New Breed Of Convenient Food Startups Secure Funding
Summary
Even as traditional instant noodle companies like Master Kang (HKG: 0322) struggle as sales plummetted after the rise of online food ordering platforms like Meituan Dianping, a new breed of convenient food startups are receiving funding in China to cater to young consumers’ demand for tasty, healthy and fast meals at home. This round of financing will be mainly used to increase plant capacity, improve offline sales channels and direct online business, according to company announcements. The company targets middle-class, white-collar, blue-collar and students to meet the needs of consumers in their busy daily study and work life. According to JD.com statistics, during the Spring Festival, JD.com platform’s convenience food turnover increased 3.5 times. On the one hand, there is the need to upgrade consumption with the growing domestic middle class and increasing purchasing power.
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