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Miguel Cordon · · 1 min readSources: A Sequoia-backed Chinese online grocery app mulls US IPO
“Chinese grocery app Dingdong Maicai is considering an initial public offering in the US as soon as this year to bankroll its expansion in the competitive fresh food delivery market,” Bloomberg reported, citing sources with knowledge on the matter.
Details:
- The Sequoia-backed startup is in talks with advisers regarding the potential IPO that’s expected to net it at least US$300 million, the people shared.
- However, the plan is still in its early stages and details such as the offering’s size and timeline could still change, they added.
Context:
- Founded in 2017, Dingdong Maicai offers deliveries for fresh produce such as vegetables, fruits, and meats. It has since expanded its operations to serve 27 cities in China including Beijing, Nanjing, and Guangzhou, according to a recent local media report.
- It currently competes with platforms operated by Alibaba and JD.com as well as the Tencent-backed MissFresh.
Editing by Collin Furtado and September Grace Mahino
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