Alibaba eyes rich fresh produce harvest

Alibaba Group Holding Ltd is betting big on the fresh produce market by upping the ante in a major fresh food e-commerce platform.

Tmall, Alibaba's business-to-customer unit, announced on Thursday it invested $300 million in Yiguo.com, a full-category fresh food site, to facilitate the expansion of its cold-chain systems nationwide.

This is Alibaba's fourth major investment in the online retailer, following an undisclosed amount of Series C funding together with global private equity firm KKR in 2016.