Just four months after its last round, group-buying startup Nice Tuan on Wednesday said that it raised another USD 750 million in its Series D round, from investors including Alibaba, DST Global, and GGV Capital, 36Kr reported.
To consolidate its position in China’s cash-burning grocery e-commerce market, Nice Tuan closed five funding rounds since the beginning of 2020, with Alibaba participating in three of them. The average amount of capital raised exceeded USD 230 million, according to data from ITjuzi.
Earlier this month, Nice Tuan was among five neighborhood group-buying platforms that were fined by the government for selling groceries below cost and for misleading consumers with non-existing discounts, KrASIA reported.
The Beijing-based company covers over 200 cities in China through more than 200,000 neighborhood leaders, says its website.
Read this: TECH PANO | Tech is changing China’s grocery shopping for good
This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.
