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Deepti Sri · · 1 min readReport: SoftBank leads $330m round in Chinese grocery app Dingdong Maicai
“Chinese grocery app Dingdong Maicai has raised US$330 million, advisor Cygnus Equity said on Wednesday, amid a surge of fundraising in the sector,” Reuters reported.
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.
Editing by Collin Furtado
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