Internet group Tencent and electronics producer Lenovo could exit China-based online grocery retailer MissFresh, which has confidentially filed for an initial public offering in the United States, IPO Zaozhidao has reported.
The company is expected to formally file for the offering by mid-June this year and is reportedly seeking between $500m and $1bn through the offering.
Founded in 2014, MissFresh runs an e-commerce platform that offers produce including fresh fruit and vegetables, beverages and dairy products which are delivered to the homes of customers in under 30 minutes.
The company’s total funding reached $1.7bn when it raised $306m in a December 2020 round featuring featured Tencent, Lenovo, Sunshine Innovation Investment Centre and the Chinese state-owned Qingdao Guoxin Group.
China International Capital Corporation led a $495m round for the company in July 2020 that included Goldman Sachs, Industrial and Commercial Bank of China, Tiger Global Management and Abu Dhabi Capital, valuing it at a reported $3bn pre-money.
Tencent and Goldman Sachs’ Investment Partners unit co-led a $450m round for MissFresh in 2018, investing alongside Jeneration Capital Management, Tiger Global Management, Sofina, Davis Selected Advisers, Poly Capital, Glade Brook Capital and China Renaissance.
Tencent also took part in the company’s $230m series C-plus round, which was co-led by Tiger Global and Genesis Capital the year before.
MissFresh had received $100m in a 2017 series C round co-led by Lenovo’s Capital and Incubator Group and Zhejiang Zheshang Venture Capital with backing from Tencent, KTB Investment & Securities, Grand Flight Investment and China Growth Capital.
The company had secured $36m of series B-plus funding from Yuanyi Capital and China Growth Capital in 2016. Tencent led a $31m series B round featuring Zheshang Venture Capital Management and undisclosed investors in 2015, after taking part in a $10m series A round alongside GX Capital.