E-commerce firm Alibaba and investment firm DST Global have co-led a $750m series D round for China-based grocery platform Nice Tuan, 100EC reported today.
Anatole Investment, CDH Investments, Cygnus Equity and DE Shaw took part in the round, as did Dragoneer, Franchise Capital, GGV Capital, Jeneration Capital and Kunlun Capital.
Founded in 2018 and also known as Shihuituan in Chinese, Nice Tuan runs an online community marketplace that helps users bulk-buy grocery items such as fruit and vegetables, meat and packaged goods at discount rates. The cash will go to improving its shipping operations and expanding its fresh produce business.
Alibaba and Jeneration Capital had co-led a $196m series C3 round for the company in November 2020, featuring CDH Investments, CICC Capital, Cygnus Equity, GGV Capital, Ince Capital, Joy Capital, Kunlun Fund and Qiming Venture Partners.
CDH Investments led Nice Tuan’s $80m series C2 round five months earlier, investing alongside China Minsheng Bank’s CMBC International unit, GGV Capital and Ince Capital, which followed an $81.4m series C1 round led by GGV Capital in May the same year.
Alibaba, China Growth Capital and Ince Capital had already backed an $88.3m round for Nice Tuan in January 2020 that included returning investors Joy Capital, Qiming Venture Partners and ZhenFund, the last three having jointly supplied roughly $14.6m for the company in 2018.
