Alibaba invests heavily in a food community purchasing company
Along with DST Global, Alibaba is leading a USD 750 million investment round in a Chinese startup called Nice Tuan. Nice Tuan is a food ordering app focused on collaborative grocery shopping. The app offers its services in 1,598 cities and districts across China and claims to generate 15 million orders per day. This is currently a very competitive market with Pinduoduo as the market leader.
This briefing is contributed by and first appeared on CIMK.
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