Tencent, Primavera to fund grocery delivery app: Bloomberg News

Tencent, Primavera to fund grocery delivery app: Bloomberg News

Tencent Holdings Ltd and private equity Primavera Capital are joining a funding round for Chinese grocery delivery app Xingsheng Youxuan that values the startup at US$3 billion, Bloomberg reported on Monday, citing people familiar with the matter.

FILE PHOTO: People visit Tencent's booth at the World 5G Exhibition in Beijing
FILE PHOTO: People visit Tencent's booth at the World 5G Exhibition in Beijing, China Nov. 22, 2019. REUTERS/Jason Lee/File Photo

REUTERS: Tencent Holdings Ltd and private equity Primavera Capital are joining a funding round for Chinese grocery delivery app Xingsheng Youxuan that values the startup at US$3 billion, Bloomberg reported on Monday, citing people familiar with the matter.

Tencent, which also backs grocery-delivery rival Missfresh, has not yet decided on how much money it would invest, the report said, citing a source.

The latest round of funding comes amidst a surge in demand for grocery delivery as more consumers order from the comfort of their homes due to coronavirus-led restrictions.

Primavera and Tencent were not immediately available to respond to Reuters' request for comment.

Source: Reuters

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