Chinese online grocery platform Dingdong Maicai has raised $700 million in its latest round of financing from a group of investors, further raising the stakes in the country’s online grocery sector,
which has seen diversified development despite the COVID-19 pandemic.
Led by DST Global and Coatue, the new fundraising attracted over 15 investors,
including Tiger Global Management, General Atlantic, CMC Capital, Sequoia Capital China, and Cygnus Equity, the company said.
Founded in 2017, the Shanghai-based e-grocer currently has a presence in 29 cities across the nation.
The company said it will use the funds to expand into new areas and improve supply chains.
“It is time for Dingdong Maicai to raise more money to support its business expansion in the country’s highly competitive online grocery sector,” said Kong Rong, chief analyst at TF Securities.
Kong said that competitors like Miss Fresh are already vying to be the first listed online grocery company.
Miss Fresh had in July raised $495 million and announced its listing intentions.
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