Alibaba and DST Global led a $750M funding round in Chinese grocery app Nice Tuan. Nice Tuan focuses on community grocery buying, which is when a neighborhood store buys products in bulk from an e-commerce platform and manages local distribution.
- The new funds will be used to improve its supply chain and introduce new produce offerings.
- China's community grocery buying market is expected to grow to $193B by 2025.
- Nice Tuan competes against Chinese tech giants such as Tencent, JD.com, and Meituan.
- The app is available in 1,598 Chinese cities and counties. It facilitates 15 million orders per day.
- It has raised $1.3B since its inception in 2018.