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Alibaba co-leads $750m round of Chinese e-grocery startup Nice Tuan

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Doris Yu · 31 Mar 2021 · 1 min read

Alibaba co-leads $750m round of Chinese e-grocery startup Nice Tuan

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“Alibaba Group and DST Global led a US$750 million investment round for Chinese grocery app Nice Tuan to help the startup expand in the increasingly competitive industry,” reported Bloomberg.

Details:

Other investors in the round include GGV Capital, DE Shaw & Co., Anatole Investment, Jeneration Capital, Dragoneer, CDH Investments, Kunlun Capital, Franchise Capital, and Cygnus Equity.
Nice Tuan will use the fresh capital to bolster its supply chain capabilities and increase its offerings.

Context:

Founded in 2018, Nice Tuan currently operates in 1,598 cities across China and generates 15 million orders per day.
China’s community grocery buying market is expected to be worth almost 1.3 trillion yuan (US$193 billion) by 2025.

Editing by Miguel Cordon and Jaclyn Tiu

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