Tencent, Primavera Invest US$300M On Chinese Grocery Delivery Startup

Chinese grocery delivery startup Xingsheng Youxuan is landing millions as many investors are eyeing the country’s fast-growing sector. Tencent and private equity heavyweight Primavera are leading the US$300M investment in Youxuan, valuing the company at US$3 billion. Earlier this year, Tencent had announced it would be expanding its investment focus to international firms and ‘smart retail’ too. Xingsheng Youxuan saw a major boost during the Covid-19 epidemic, forcing the Chinese population to opt for food and grocery deliveries. The startup’s daily orders have crossed the 4 Million mark, with stores supplying goods and groceries through its e-commerce platform.

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