Chinese community grocery shopping app Xingsheng Youxuan has raised about $2 billion in a new funding round that values the company at $6 billion prior to the fresh capital injection, three people with knowledge of the matter told Reuters. Private equity firms FountainVest Partners, Primavera Capital Group and KKR & Co are among investors in this round, two sources said. Internet and gaming giant Tencent Holdings, which is an early backer of Xingsheng Youxuan, also invested in this round, one of them said.
The fundraising comes as demand for grocery delivery in China has surged over the past year as more consumers order from the comfort of their homes due to COVID-19 social distancing restrictions.
Chinese grocery app Xingsheng Youxuan raises $2 billion in new funding round: sources reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Chinese grocery app Xingsheng Youxuan raises $2 billion in new funding round: sources reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.