Chinese online grocery app Dingdong Maicai has raked in an aggregate of $700 million in its Series D round of financing co-led by investment firms DST Global and Coatue, it announced in a statement on Tuesday. Dingdong Maicai will use the proceeds from the latest funding round to expand to new areas and develop the supply chain. The online grocer delivers fresh produce to users’ doorsteps in 27 cities including Beijing, Shanghai, Shenzhen, and Guangzhou. It saw a surge in sales last year due to the pandemic, recording over 850,000 orders per day and monthly revenue of 1.5 billion yuan ($229 million). Dingdong has previously said it was considering an initial public offering (IPO) in the US as early as this year to bankroll its expansion in the competitive fresh food delivery market.
Chinese online grocer Dingdong Maicai nets $700m funding co-led by DST