Report: SoftBank leads $330m round in Chinese grocery app Dingdong Maicai

Details:

• The fundraising is part of the company’s D+ round led by SoftBank’s Vision Fund, bringing the total funds raised in its series D round to over US$1 billion.
• This comes after Dingdong Maicai, which is backed by Sequoia Capital China and Tiger Global, raised US$700 million in its series D round last month. The round was co-led by investment firms DST Global and Coatue Management.

Context:

• In February, it was reported that the Chinese grocery app was considering an initial public offering in the US as soon as this year to bankroll its expansion in the fresh-food delivery market.
• Founded in 2017, Dingdong Maicai has since expanded its operations to serve 27 cities in China including Beijing, Nanjing, and Guangzhou, according to a local media report.