Dingdong Maicai, the Chinese grocery app has raised $330M, advisor Cygnus Equity has announced, amid a surge of fundraising in the sector.
The so-called D-plus round of fundraising led by the SoftBank Vision Fund followed the vegetable e-commerce platform’s $700M D round completed last month, bringing its total recent fundraising to over $1bn.
Online delivery platforms in China have been raising funds to compete in a crowded sector that got a boost from pandemic-induced demand for home shopping, with food delivery giant Meituan raising $10bn recently.
Fresh produce is an especially hot sector, with giants Alibaba Group and Pinduoduo stepping up their offerings, attracted by the huge market and high-frequency consumption.
Established in 2017 in Shanghai, Dingdong Maicai’s investors include Sequoia Capital China and Tiger Global Management.
