Dingdong Maicai Completes $1.03 Billion in Series D and D+ Funding Rounds
Make good ingredients as accessible as tap water — within everyone's reach, for the benefit of all.
Dingdong Maicai, one of China's leading and fastest-growing instant e-commerce platforms, recently announced the completion of a $330 million Series D+ funding round led by SoftBank. In April, Dingdong Maicai completed a $700 million Series D round co-led by DST Global and Coatue, with participation from multiple new and existing investors. The total Series D financing has now reached $1.03 billion.
Gaorong Ventures was Dingdong Maicai's earliest investor, serving as the sole investor in the first two funding rounds and continuing to participate in subsequent rounds.
The proceeds from this round will be used for geographic expansion, supply chain investment, and team building.
Dingdong Maicai operates on a model of direct sourcing from agricultural origins, front-warehouse fulfillment, and delivery in as fast as 29 minutes. The company uses technology to upgrade the entire industry chain, committing to going directly to food sources and farming regions to improve distribution efficiency and strictly control quality — so consumers can eat fresher, safer, and with greater peace of mind.
Dingdong Maicai currently serves 29 cities including Shanghai, Beijing, Shenzhen, Guangzhou, and Hangzhou, with nearly 1,000 front warehouses. During the 2021 Spring Festival period, the platform reached a daily order volume of 900,000.
On the supply chain side, as of January 2021, Dingdong Maicai had 350 direct-sourcing bases for fresh produce, over 600 origin-based suppliers, more than 5,400 fresh product SKUs, and 85% of its fresh agricultural products sourced directly from production bases — spanning vegetables, fruits, seafood, and meat, poultry, and eggs.
Going forward, Dingdong Maicai will continue strengthening its supply chain capabilities, empowering modern crop cultivation and livestock farming, and contributing to the development of modern agriculture and rural revitalization.
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