Nice Tuan, a social e-commerce app that provides daily groceries and miscellaneous products for consumers, on Monday announced the completion of a USD 196 million C3 financing round, 36Kr reported.
The current round, the fourth in 2020, was led by e-commerce giant Alibaba (NYSE: BABA; HKEX: 9988) and joined by VCs like GGV, and Qiming. The group will continue to help small and medium-sized businesses to increase revenue and expand sales channels for local brands and agricultural products, said the same 36Kr report.
China’s grocery group-buying sector has been increasingly gaining traction this year as COVID-19 is boosting demand for fresh produce online shopping.
Last week, Alibaba’s rival JD.com (NASDAQ:JD; HKEX: 9618) unveiled a neighborhood group-buying brand called JD Youxuan, following the suit of their common competitor Pinduoduo, as well as ride-hailing firm Didi, food-delivery app Meituan, and short-video platforms ByteDance and Kuaishou.
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.