China’s Missfresh Grocery Startup Raising Funds
Beijing Missfresh Ecommerce Co, a grocery delivery start-up with backers Goldman Sachs Group Inc. and Tiger Global Management is looking to raise new funds with at least a $3 billion valuation, as start-up capital funding gets challenging amid a sluggish world economy.
Companies have recently been facing severe cash burn in the sector along with other competitive giants like Alibaba Group Holding Ltd in the league due to the emerging tensed trade war situation. Missfresh, the five-year-old start-up has reportedly handled transactions worth10 billion yuan ($1.5 billion) and achieved a positive cash flow in 2018 end. Missfresh’s attempt to raise funds will help the company to gear up in the slow economy and handle market uncertainties. Missfresh has estimated to raise a total of nearly $900 million till date after eight rounds of fundraising including investors Jeneration Capital and Genesis Capital, as reported.
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