iFresh, Inc. (IFMK), a leading Asian American grocery supermarket providing essential grocery shopping services, and the first Chinese supermarket chain to be listed on a major US exchange,confirmed it has initiated a partnership with HungryPanda, an international food delivery platform providing groceries as well. Both the companies entered into a service agreement on April 20, 2021, in accordance to which both the partners will work together toestablish an online perishable goods delivery service in New York. IFMK stock increased substantially adjacent to the news.
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At last check in current trading, shares of iFresh Inc. (IFMK) increased by 3.79% at $1.37. IFMK’s stock closed last session at $1.32. Shares of the company were fluctuating between $1.29 and $1.34. IFMK shares have risen by 3.13% over the last 12 months, and they have moved down by -5.71% in the past week. Further, the company has a current market of $50.42 million and its outstanding shares stood at 30.23 million.
iFresh Inc. (IFMK), located in Long Island City, New York, is an established leading Chinese grocery supermarket consisting of nine retail supermarkets across New York, Massachusetts, Miami, with plans for further expansion.iFreshdifferentiation includes providing Asian cultured produce, seafood and other groceries which have high demands yet diminished availability in the mainstream market.
HungryPanda specializes in food delivery and has provided quality Asian food and perishable products to students abroad since its initiation in 2016. Presently, HungryPanda has established itself in 47 cities across various countries such as Australia, Canada, France, New Zealand, UK, and US.
Due to partnership with HungryPanda, customers can order iFresh’s grocery products through the HungryPanda mobile app. The consumers will be given the for home delivery on demand or through scheduled delivery. The delivery service is predicted to be start from the end of April 2021 through Ifresh stores in NYC. The delivery service has been planned to be expanded to other regions that consist of IFresh stores as well.
Partnership with HungryPanda provides more convenient ways to order grocery items. Furthermore, expansion of product line and opportunities to boost online sales has further induced investor interest. In addition, increasing average of purchasing power of overseas Chinese consumers has also increased expectation for higher sales.
IFMK offered a better-than-expected outlook for the current quarter, and anticipates sales and profits to grow for the full year after establishing a partnership with HungryPanda. In addition, the complementary nature of their businesses combined with increasing monetary value in their target audience has peaked investor expectations for the company.