Sunday, 2023 October 1

KEY STAT | Grocery app Dingdong Maicai completes mega funding round ahead of rumored IPO

On-demand fresh food delivery provider Dingdong Maicai has raised USD 330 million in a Series D+ round led by the SoftBank Vision Fund, according to a WeChat post by investor and financial adviser Cygnus Equity on Wednesday.

Together with the USD 700 million it collected in early April, Dingdong secured more than USD 1 billion over the past five weeks. “This funding will be used for expansions into new regions, investments into the supply chain and team-building,” Cygnus added.

In February, Bloomberg reported that the platform is eyeing a public listing in the United States this year. With many long-time shareholders joining the Series D round, Dingdong is likely in the process of arranging pre-listing equity allocation, an industry investor told 36Kr.

The Sequoia-backed unicorn runs nearly 1,000 warehouses in top-tier cities in China. Last year, the company registered gross merchandise volume of USD 2.2 billion. Dingdong’s sales performance, although robust, does not make it a frontrunner in China’s competitive online grocery sector, 36Kr observed.

Read this: TECH PANO | Tech is changing China’s grocery shopping for good

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.

Julianna Wu
Julianna Wu
Data visualist & writer

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