Homebound consumers during the pandemic have given a new life to the once difficult groceries sector with startups raising multiple rounds to grab larger market shares.
Nice Tuan locally known as Beijing Shihui Technology Co., announced the completion of its Series D round of financing on March 31, 2021. This mammoth of a round was backed by E-commerce giant Alibaba and DST global. Other investors include the D.E. Shaw Group, Anatole Investment, Jeneration Capital, Dragoneer, CDH Investment, GGV Capital, Kunlun Fund, Franchise Capital and Cygnus Equity.
According to Bloomberg, the capital raised from this round will be used to strengthen the supply chain and increase the variety of products.
Data from Crunchbase shows that prior to this, the grocery selling firm has raised a total of seven rounds summing to about USD 550 million.
Since being founded in 2018, the group has provided digital community e-commerce services to 1598 cities and counties in China with daily orders exceeding 15 million.