Dingdong Maicai, a China-based online grocer backed by furniture retailer Red Star Macalline and media group Bertelsmann, has raised $700m in series D funding, DealStreetAsia reported yesterday, citing a company statement.
Investment firm DST Global and investment manager Coatue co-led the round, while Sequoia Capital China, Tiger Global Management, General Atlantic, CMC Capital, Ocean Link, Capital Today and Hony Capital participated as existing backers.
The round was filled out by new investors Aspex Management, 3W Fund Management, APlus Partners, Mass Ave Global and Cygnus Equity.
Dingdong Maicai operates an online platform that delivers groceries to customers in 27 Chinese cities including Shanghai, Beijing, Shenzhen and Guangzhou. It reached 850,000 orders per day and was recording about $230m in revenue per month in 2020.
The company had secured an undisclosed amount from venture capital firm Gaorong Capital in May 2018, before Red Star Macalline and Fortune Capital provided series A funding two months later and Gaorong Capital supplied A-plus funding in September the same year.
Bertelsmann Asia Investments, a corporate venturing vehicle for Bertelsmann, joined Tiger Fund, Sequoia Capital China, Qiming Venture Partners and Capital Today to add an undisclosed sum through a series B round that closed in July 2019.
Growth equity firm General Atlantic then led a $300m round in May 2020 that reportedly valued Dingdong Maicai at $2bn.
Photo courtesy of Dingdong Maicai.
