Funding round involving multinational conglomerate and private equity giant values Xingsheng Youxuan at $3bn, sources say
Investors including Tencent Holdings and private equity giant Primavera Capital are joining a funding round that values Chinese grocery delivery startup Xingsheng Youxuan at $3bn, people familiar with the matter said.
The latest financing of about $300m for Xingsheng Youxuan triples the company’s price tag from its last funding round in 2019, the people said, asking not to be identified because the information is private. The latest fundraising precedes an eventual initial public offering though neither time frame nor venue has been finalised, they added.
Based in the central province of Hunan, it focuses on delivering produce from seafood to noodles to about 400 towns from western Sichuan to Guangdong in the south, but is just one of a plethora of deep-pocketed players including Alibaba and Meituan.
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