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Published on 29/06/2020 4:28:24 PM | Source: Reuters

Tencent, Primavera to fund grocery delivery app - Bloomberg News

Posted in Top Stories| #World Market #Bloomberg

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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 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)