No person should rely upon the past performance or reputation of KKR or its investment products when considering any security offered by the Drawbridge Fund or Drawbridge. Since 2018, community group buying has gradually become a retail outlet. Under the influence of the pandemic in 2020, the community group buying fever will rise again, and companies like Alibaba, Jingdong, Meituan and Pinduoduo will enter the market one after another. Startups and tech companies offering online grocery, food, beverage, and meal delivery services. Xingsheng Selected is a fresh produce chain that operates small stores in neighborhoods. The company operates a group-buying community e-commerce platform under Furong Xingsheng.
On August 22, 2022, Yaron Inger woke up to find his business irrevocably changed. The co-founder and chief technology officer of Lightricks , which develops Facetune and other popular media-editing apps, scrolled through his newsfeed, his eyes flicking from one image to another. The co-founder music maniac v2 pro and chief technology officer of Lightricks, which develops Facetune and other popular media-editing apps, scrolled through his newsfeed, his eyes flicking from one image to another. While Inger slept, Stable Diffusion, an open-source artificial intelligence text-to-image generator, had…
The fundraising signed just before the Lunar New Year, was led by Sequoia Capital China and has also attracted property developer China Evergrande Group and Singapore’s sovereign wealth fund Temasek, said a separate person with direct knowledge. Tencent Holdings Ltd. has increased its stake in Xingsheng Youxuan, investing $100 million in the Chinese online grocery startup at a valuation of about $5 billion, according to people familiar with the matter. With some 8 million daily orders, Xingsheng Youxuan reported a gross merchandise value of 40 billion yuan ($6.18 billion) in 2020. In December, the company inked a $700-million investment from Chinese e-commerce giant, JD.com – Alibaba’s archrival.
Xingsheng Selected, founded in 2018 as an e-commerce unit of local supermarket chain Furong Xingsheng, headquartered in Hunan province, leverages a group-buying model that provides groceries at bargain prices to residents who live near to each other. I agree to receive PitchBook Data’s electronic newsletters, updates, promotions and related messages regarding PitchBook Data’s products. We are also seeing increased investment by established players to bolster their online ordering and fulfillment infrastructure.
Retail News Asia is committed to providing both local and global retailers with the latest retail news throughout the Asian retail market on a daily base. According to Latepost, Xingsheng Youxuan, a community group buying start-up company, is going to complete a funding round of USD 3 billion led by Sequoia Capital, followed by Tencent, Fangyuan Capital, Temasek, KKR, DCP, Chunhua Capital and Evergrande. Headquartered in central China’s Hunan province, three-year-old Xingsheng Youxuan delivers online bulk orders to offline grocery stores located inside or near residential communities.
Representatives for Sequoia China, FountainVest, Tencent and Temasek declined to comment. Storylines Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. This documentary-style series follows investigative journalists as they uncover the truth. The current funding round could precede an IPO though timing and listing venue are still not finalised. Founded in 2018 as an e-commerce unit of Hunan local supermarket chain Furong Xingsheng, Xingsheng Youxuan leverages on the group-buying model that provides groceries at bargain prices to residents who live near each other. In 2020, its gross merchandise value exceeded RMB 40 billion (USD 6.17 billion), almost four times the volume from the prior year, boosted by the pandemic.
In December, Chinese e-commerce retailer JD.Com said it would invest $700 million in the company. The fundraising comes as demand for grocery delivery in China has surged over the past year as more consumers order from the comfort of their homes due to COVID-19 social distancing restrictions. The fundraising, signed just before the Lunar New Year, was led by Sequoia Capital China and has also attracted property developer China Evergrande Group and Singapore’s sovereign wealth fund Temasek, said a separate person with direct knowledge. Claim your profile to get in front of buyers, investors, and analysts. This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China. The post-investment valuation reached USD 4 billion, four times the startup’s valuation one year ago when it bagged USD 40 million from KKR.
An initial public offering will likely follow the latest financing round, 36Kr wrote, citing sources close to the firm. The Global Corporate Venturing Leadership Society’s mission is to help bridge the different strengths and ambitions of investors across industry sectors, geography, structure, and their returns. Informing, connecting, and transforming the global corporate venture capital ecosystem.
Grocery app startup Xingsheng Youxuan has raised $2 billion at a $6 billion pre-money valuation in a round led by Sequoia China, Reuters reported. PE firms FountainVest Partners, Primavera Capital Group, KKR and others also participated. The Chinese company operates a bulk-ordering platform and was reportedly worth $4 billion during a fundraising round last July. We have resources for everyone from the independently owned business owners, online-only retailers, and major chains expanding their reach throughout the Asian market. Retail News is “the news source” with over 125 weekly posts and 13,6 million readers. Xingsheng Youxuan is also in talks with other investors including Beijing Kuaishou Technology Co. to potentially raise more funds, the people said, asking not to be identified as the matter is private.