Tencent has reportedly committed to a series C round set to triple grocery delivery platform Xingsheng Youxuan's valuation to $3bn.
China-based online grocery delivery service Xingsheng Youxuan is raising $300m from investors including internet group Tencent at a $3bn valuation, Bloomberg reported yesterday.
The round also features private equity firm Primavera Capital, according to people familiar with the matter, who said the company expects it to precede an initial public offering. It is set to formally close next month.
Xingsheng Youxuan runs an online platform that enables users in about 400 Chinese towns and cities to order groceries and household…
