It is also investing in upstream agri-food technology that can help raise agricultural productivity and quality. The company is investing in creating a logistics infrastructure that is more suited to handling perishables. Pinduoduo raised $6.1 billion in November 2020 to strengthen its balance sheet and make strategic investments. the following day, providing consumers a more economical option to premium same-day delivery services. are fulfilled by local farms and dropped off at designated collection points by 4 p.m. In August 2020, Pinduoduo introduced Duo Duo Grocery, its next-day pickup service, to help local farmers sell directly to local consumers. Connecting sellers directly with such demand helps eliminate added costs and wastage due to unsold food. The company has applied its pioneering team purchase model to bring economies of scale to smallholder farms, by aggregating scattered consumer interest into sizable, coordinated demand. Last year, as Covid-19 disrupted food supply chains and threatened farmer livelihoods, Pinduoduo held livestreaming sessions with poverty-stricken farming communities to promote their agricultural products and created a dedicated “Help the Farmers” channel to showcase fresh produce from affected areas. We’re just at the beginning of the digital revolution in agriculture and are glad that we're making progress every day.” “Digital agriculture increases the efficiency of the food supply chain and safeguards food security at the same time. “Agricultural produce is our bread and butter and making groceries affordable and available to our 731 million consumers wherever they are, whenever they want, is our calling,” said Chen Lei, Chief Executive Officer of Pinduoduo. The company was recognized earlier this month by the central government for its work alleviating rural poverty. Pinduoduo has focused on agriculture since its establishment in 2015, transforming the way food is grown, transported and sold by connecting more than 12 million farmers directly to a user base of 731 million consumers. Lockdown restrictions pushed consumers to embrace digital offerings. Sales were helped in part by the pandemic, which pushed more producers to seek alternatives to traditional wholesale channels. The firm had said last December it was on track to hit 250 billion yuan in GMV for the category. The Nasdaq-listed company recorded more than 270 billion yuan ($42 billion) in agriculture-related GMV in 2020, up from 136 billion yuan in 2019. (“Pinduoduo”, or the “Company”) (NASDAQ: PDD), China’s largest agriculture platform, doubled the value of agricultural orders it handled last year, exceeding the company’s earlier estimate as the pandemic pushed more people to order food and groceries online. SHANGHAI, China, Ma(GLOBE NEWSWIRE) - Pinduoduo Inc.
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