Alibaba, DST lead $750m investment in Chinese grocery app Nice Tuan

Photo: Clem Onojeghuo/ Unsplash

Alibaba Group Holding Ltd. and DST Global led a $750 million investment round for Chinese grocery app Nice Tuan to help the startup expand in the increasingly competitive industry.

Nice Tuan, also known as Beijing Shihui Technology Co., attracted funding from others including D.E. Shaw & Co., Anatole Investment, and Jeneration Capital, the company said.

It will use the funding to bolster its supply chain and increase fresh produce offerings.

Founded in 2018, the Beijing-based company focuses on community grocery buying, a crowded sector that’s captured the attention of some of the biggest funds and Chinese tech companies including Tencent Holdings Ltd., JD.com Inc. and Meituan.

Consumers sheltering at home during the pandemic have reinvigorated a once-difficult groceries arena, and startups in the space are raising funds to win more market share in a sector that could reach 1.27 trillion yuan ($193 billion) by 2025.

The startup also attracted funding from Dragoneer, CDH Investments, GGV Capital, Kunlun Capital, Franchise Capital and Cygnus Equity, the company said. Its early investors include Joy Capital.

Nice Tuan provides services in 1,598 cities and counties across China, generating 15 million orders per day, it said.

Bloomberg

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.