Kenneth Ho shared a link.

Director of BEAMSTART

JD.com ups stake in China's grocery delivery race with $700m Xingsheng investment

Xingsheng had closed about $800 million in a round led by KKR & Co, with participation from Sequoia Captial China, and others, in July.

  • Changsha-based Xingsheng serves community families across 14 provinces, with strong footprints in southern and central China.
  • The business allows consumers to purchase fresh produce and other daily supplies through a WeChat mini-programme, and then pick up the products from branded convenience chain stores in their neighbourhood.
  • Its gross merchandise volume (GMV), a metric used in the e-commerce sector to measure transaction volumes, reached 10 billion yuan ($1. 4 billion) in 2019.
  • The daily orders of DiDi’s community group-buying service crossed 10 million on November 11, 2020.
  • E-commerce platform Pinduoduo in late November unveiled its plans to raise as much as $6. 1 billion partly to expand next-day delivery for fresh produce.

DEALSTREETASIA.COM15 Dec, 2020

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