Thursday, 2023 September 28

CHINA BRIEF | Group-buying platform Nice Tuan scores USD 81.4 million investment led by GGV

Beijing-based online group-buying platform Nice Tuan has closed a USD 81.4 million Series C1 round led by GGV Capital, according to a post on Saturday on the company’s official WeChat account.

Earlier investors Joy Capital, INCE Capital, and Qiming Venture Partners all joined this round, which came shortly after a USD 88.3 million round closed in January.

New funds will be used to build warehouses nationwide, expand delivery capabilities, and to improve the company’s supply chain.

Nice Tuan allows users to buy groceries such as fruits and vegetables in a group via its app or mini program on WeChat and to pick them up at a physical location. The company has also started offering express home delivery for some products.

Nice Tuan’s services are available in more than 100 cities in China, generating RMB 650 million (USD 91.3 million) in Gross Merchandise Volume (GMV) in April alone, said 36Kr, citing official data.

36Kr is KrASIA’s parent company

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.

Jingli Song
Jingli Song
I believe Chinese innovation at various level needs to be known by the world.

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