China Roundup: Didi tries food delivery in China again, and more

Didi tries food delivery in China again

• The ride-hailing app has reportedly been testing a WeChat-powered food delivery service for short distances in China.
• Aoao Dining, Didi’s catering service project, is being piloted in the northern city of Tianjin, with 30 partners and seven brands catering to a customer base that is largely young.
• In 2019, Didi had shut down its food delivery business in China while retaining its overseas business.

Temasek-backed lifestyle platform Xiaohongshu banks US$500 million

• Temasek and Tencent co-led the lifestyle platform’s round, along with existing investors Alibaba, Tiantu Capital, and Genesis Capital. The new funding round pushes Xiaohongshu’s valuation to US$20 billion.
• In August, Xiaohongshu saw 130 million monthly active users and 45 million daily active users.
• The company makes most of its money from advertising and ecommerce, with the former reportedly making up 80% of its revenue in 2020.