Tuesday, 2024 March 5

CHINA BRIEF | Grocery group-buying app Nice Tuan bags USD 80 million in latest round

Chinese social commerce startup Nice Tuan (also known as “Shihui Tuan” in Chinese) has closed a USD 80 million C2 round led by CDH Investments, bringing Nice Tuan’s total amount of financing close to USD 300 million, earlier backer GGV Capital announced on Wednesday in a WeChat post.

GGV Capital, INCE Capital, and CMBC Capital also participated in the latest round, with Cygnus Equity serving as an exclusive financial advisor. The neighborhood-based group-buying startup, which was founded in 2018,  just closed a USD 81.4 million round in May and a USD 88.3 million round in January, KrASIA reported earlier.

“We plan to set up 3 million pickup points across China in three years and allow users to get groceries sourced by Shihuituan within walking distance,” Nice Tuan CEO Chen Ying wrote in an internal letter released today. By “pickup points,” he refers to community group leaders, who are locals hired by Nice Tuan to collect orders.

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.  

Wency Chen
Wency Chen
Wency Chen is a reporter KrASIA based in Beijing, covering tech innovations in&beyond the Greater China Area. Previously, she studied at Columbia Journalism School and reported on art exhibits, New York public school systems, LGBTQ+ rights, and Asian immigrants. She is also an enthusiastic reader, a diehard fan of indie rock and spicy hot pot, as well as a to-be filmmaker (Let’s see).
MORE FROM AUTHOR

Related Read