- Briefing Your roundup of Asian tech and startup news that matter
Doris Yu · · 1 min readAlibaba co-leads $750m round of Chinese e-grocery startup Nice Tuan
“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
(And yes, we’re serious about ethics and transparency. More information here.)
