Beijing-based grocery delivery app MissFresh on Thursday announced the completion of a USD 495 million fundraising round led by China International Capital Corp (CICC), as online grocery shopping has become the new norm for many Chinese during the pandemic.
Investors include Tencent, Industrial & Commercial Bank of China, Tiger Global Management, Lenovo Capital, and Abu Dhabi Capital. China Renaissance served as the exclusive financial adviser on the deal. Before the round, the company was valued at USD 3 billion and had raised nearly USD 900 million in eight rounds, KrASIA reported earlier.
MissFresh, founded in 2014, promises 30-minute to one-hour delivery to households by establishing mini warehouses closer to buyers in more than 20 cities. In the announcement, CCIC Capital notes that MissFresh’s supply chain and logistics model helped the company generate positive cash flow in six consecutive months.
There’s no lack of competitors in the online fresh produce commerce sector, with services like Alibaba’s FreshHippo, Dingdong Maicai, Xingsheng Youxuan, and Meituan’s grocery delivery arm Mietuan Maicai.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.