Miss Fresh, a CEC Capital Group portfolio company, completes a new financing round of USD 495 million

Miss Fresh, Alibaba, Meituan Dianping, and Pinduoduo were selected as "2020 Hurun Top 10 Chinese E-commerce Companies"

Miss Fresh (the “Company”), a portfolio company of CEC Capital Group, today announced the completion of a new round of financing of US$495 million. This round of financing was led by CICC Capital, and jointly invested into by ICBC International, Tencent, Abu Dhabi Capital Group, Suzhou Changshu Government Industry Fund, Tiger Global, Goldman Sachs Asset Management, and several other institutions.

In 2015, Miss Fresh created the "pre-storage" fresh food delivery business model, providing a selection of “3,000 high-quality fresh food items, delivered within 30 minutes” for tens of millions of families across 16 cities in China. The Company provides a selection of 3,000 to 3,500 products, seeing average turnover of fresh products at 1.5 days, sell-out-rate-before-5pm at 5% daily, loss rate steady at 1%, and annual sales per square foot at almost RMB 100,000 in its more mature markets. 

With a long-term plan for investing upstream in the supply chain and developing smart supply chain capabilities, Miss Fresh has generated more than RMB 10 billion in revenue with healthy growth. According to the "2020 Hurun Top 10 Chinese E-commerce Companies" rankings (by market value or post-money valuation) released by the Hurun Research Institute on July 10, 2020, Miss Fresh was included in the list of companies, with others such as Meituan Dianping, JD.com, and Pinduoduo.

Xu Zheng, founder and CEO of Miss Fresh, believes that in the next five years, the online fresh supermarket industry will see rapid growth. Customer adoption will expand from early adopters to the mainstream, and purchase behavior will shift from the use of online grocery platforms as a supplementary channel to a primary mode of purchasing groceries. As the market develops, online fresh supermarkets will become the primary channel for purchasing groceries for the mainstream consumer.