On-demand fresh food delivery provider Dingdong Maicai has raised USD 330 million in a Series D+ round led by the SoftBank Vision Fund, according to a WeChat post by investor and financial adviser Cygnus Equity on Wednesday.
Together with the USD 700 million it collected in early April, Dingdong secured more than USD 1 billion over the past five weeks. “This funding will be used for expansions into new regions, investments into the supply chain and team-building,” Cygnus added.
In February, Bloomberg reported that the platform is eyeing a public listing in the United States this year. With many long-time shareholders joining the Series D round, Dingdong is likely in the process of arranging pre-listing equity allocation, an industry investor told 36Kr.
The Sequoia-backed unicorn runs nearly 1,000 warehouses in top-tier cities in China. Last year, the company registered gross merchandise volume of USD 2.2 billion. Dingdong’s sales performance, although robust, does not make it a frontrunner in China’s competitive online grocery sector, 36Kr observed.
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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.
