China

The e-commerce giant is hitting its growth glass ceiling in domestic market.

Duckbill has already more than 5,000 corporate clients, among them Shanghai-based logistics giant Sinolines, CTS International Logistics, and state-owned China Cosco Shipping.

The firm just received USD 20 million investment in a Series A+ round led by Source Code Capital.

This move allows smaller companies and livestreamers to capitalize on the rapidly growing livestreaming e-commerce sector in China.

The move is Meituan’s second foray into China’s RMB 5 trillion (USD 733 billion) fresh food retailing industry.

And the lackluster earnings results have brought down Momo’s share price.

Boosted by the COVID-19 outbreak, livestreaming e-commerce in China is in its heyday.

The startup, which currently operates in Eastern China only, wants a slice of the USD 733 billion fresh food retail market.