Online grocery retailers file IPOs in US
Print Edition
Two Chinese online grocery retailers have filed for IPOs in the US as they fight for more users and market share in a crowded market.
Tencent-backed MissFresh, which has filed for a NASDAQ listing, reported US$236 million in revenue in the first three months, with a net loss of 598 million yuan. It counted 8.7 million active users, with 21 percent of them making four or more purchases in a month.
The online grocery market became crowded after Alibaba and Meituan rushed to ride on the wave of daily deliveries of food and other necessities. They are competing aggressively to grab a slice of the fast-growing market.
Shanghai-headquartered Dingdong Maicai also filed for listing on the New York Stock Exchange after raising US$330 million last month. It claimed 6.9 million monthly active shoppers in the first quarter.
MissFresh reported an adjusted net loss of 598 million yuan while Dingdong had a net loss of 1.39 billion yuan in the first quarter.
Both sites have been relying on discounts to woo new buyers.
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