Chinese grocery app Dingdong Maicai, backed by investors including Sequoia Capital and Tiger Global Management, filed for a US initial public offering on Tuesday, as it seeks more funds to compete in a crowded sector.
The COVID-19 pandemic has fueled online demand for fresh produce in China, with e-commerce companies including Dingdong, Alibaba Group (9988.HK) and Pinduoduo (PDD.O) competing aggressively to grab a major slice of that vast market.
Established in 2017 in Shanghai, Dingdong last month raised $ 330 million, in a funding round led by SoftBank Vision Fund, bringing its total …
