Grocery delivery startup MissFresh submitted an application for a public listing to the US Securities and Exchange Commission last week, indicating a fundraising target in the band of USD 500 million to 1 billion, Chinese news media outlet IPO Zaozhidao reported.
MissFresh operates a network of prepositioned warehouses across the country that serve as small-scale distribution centers, each sending out shipments of fresh food to fulfill orders placed by customers. The company counts Tencent, Tiger Global, and Goldman Sachs China as investors.
Founded in 2014, MissFresh now offers its on-demand grocery delivery service in 16 major cities. The company operates in a highly competitive space where the likes of Alibaba, Tencent, Meituan, and more have channeled funding into a roster of startups that move fresh food from farm to home, transforming how people purchase groceries.
Last year, it bagged some USD 800 million from three rounds of fundraising, elevating its valuation to USD 5.5 billion, per data from business intelligence aggregator ITjuzi.
MissFresh will submit its IPO prospectus publicly in mid-June at the earliest, according to the report by IPO Zaozhidao.
This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.