Chinese community grocery shopping app Xingsheng Youxuan has raised about $2 billion in a new funding round that values the company at $6 billion prior to the fresh capital injection, three people with knowledge of the matter told Reuters.

Private equity firms FountainVest Partners, Primavera Capital Group and KKR & Co are among investors in this round, two sources said. Internet and gaming giant Tencent Holdings, which is an early backer of Xingsheng Youxuan, also invested in this round, one of them said.

The fundraising, signed just before the Lunar New Year, was led by Sequoia Capital China and has also attracted property developer China Evergrande Group and Singapore’s sovereign wealth fund Temasek, said a separate person with direct knowledge.

With more than 8 million daily orders, Xingsheng Youxuan estimated it had a gross merchandise value of 40 billion yuan ($6.18 billion) in 2020, the website said.

Read more at: Reuters

By Kane Wu, Yingzhi Yang, Sophie Yu, Jacqueline Wong and David Evans

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