News Snapshot:
Tweet Chinese grocery app Dingdong Maicai is considering an initial public offering (IPO) in the U.S. to advance expansion in the fresh food delivery market, Bloomberg reported , citing sources. Backed by Sequoia Capital, Dingdong Maicai is collaborating with advisers on the offering, which could bring in an estimated $300 million, the sources told Bloomberg. Dingdong Maicai, which translates to “Dingdong buy vegetables” in Chinese, operates in China’s competitive fresh food distribution sector, which is anticipated to hit 1.27 trillion yuan ($197 billion) by 2025. Founded in 2017, the platform delivers fresh vegetables, soy products, fruits and meat, and is...
