Beijing: The Chinese grocery application Dingdong Maicai has recently had a funding series in which it raised 330 million dollars stated by advisor Cygnus Equity on Wednesday, amid a surge of funding series in the sector.
Funding round D was led by SoftBank Vision Fund followed by the online grocery platform’s $700 million completed in April. And the total fundraising to over $1 Billion.
Online delivery platforms and businesses in China have been raising funds to compete in a crowded marketplace and to get a boost from endemic induced demand for home shopping.
Another food delivery giant Meituan recently raised $10 billion in the funding round. Not only this, the fresh produce marketplace is hot and has a lot of scope for growth with giants Alibaba group and Pinduoduo, as they are stepping up their offerings attracted by the huge market and high demand in consumption.
In the funding round, the advisor for the company in Cygnus, a boutique Chinese investment bank. There’s no news or any statement released on how the funds will be used.
The company was founded in Shanghai, the investors involved Sequoia Capital China and Tiger Global Management.