Friday, 2023 September 29

KEY STAT | Social e-commerce startup Nice Tuan closes its fourth fundraising round in 2020

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: BABAHKEX: 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 (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.

Julianna Wu
Julianna Wu
Data visualist & writer

Related Read