Tencent-backed Missfresh raises $495 million

Tencent-backed Missfresh raises $495 million · TechNode:

Tencent-backed grocery delivery startup Missfresh has raised $495 million in funding, billing the round as the largest single fundraising in China’s grocery delivery industry, Chinese media reported.

Instead of ordering waimai(takeout food) that is generally considered unhealthy, the trend is to order groceries before they get off work so the groceries is delivered when they reach home, just in time for them to prepare dinner. Delivery time stated on the app is within 30 minutes, though my personal experience so far is around 15 minutes.

• The unexpected boost came as whole cities were placed under lockdown to curb the spread of the disease, forcing people to stay at home.
• The resurgance of the grocery delivery market offers a boost to several players in the sector, including JD Daojia, Meituan, and Ele.me, Dingdong Maicai.

The lockdown forced people to cook at home and this helped with the growth of the grocery delivery industry. Pupu Mall is another emerging player.