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 $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 https://www.bloomberg.com/news/articles/2020-06-29/tencent-primavera-said-to-fund-grocery-app-at-3-billion-value?sref=C6LRZopg 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.
(Reporting by Nivedita Balu in Bengaluru; Editing by Amy Caren Daniel)
