Nice Tuan, a China-based group buying e-commerce platform backed by internet group Alibaba, has raised $80m in a series C2 round led by asset manager CDH Investments, DealStreetAsia reported today.
GGV Capital, Ince Capital, and CMBC International, a subsidiary of China Minsheng Bank, also contributed to the round.
Founded in 2018 and also known as Shihuituan, Nice Tuan has built an e-commerce platform that focuses on consumers buying products in groups to receive bulk discounts. The company claims to be serving nearly 20 million families in urban areas.
The money will go towards warehousing, distribution and supply chain capabilities ahead of a planned market expansion.
The cash injection marks the third investment round for Nice Tuan this year and brings its total funding to approximately $300m, according to DealStreetAsia.
The company received $81.4m in a series C1 round led by GGV Capital in early June, following an $88.3m funding round in January backed by Alibaba, Qiming Venture Partners, China Growth Capital, ZhenFund, Joy Capital and Ince Capital.
ZhenFund, Qiming Venture Partners and Joy Capital had supplied approximately $14.6m in funding in mid-2018.
