Tencent-backed Furong Xingsheng raised the funding at a $700m valuation and will use the cash to expand its neighbourhood-based grocery stores into additional small towns and cities.
Furong Xingsheng, a China-based community supermarket operator backed by internet group Tencent, has received a $40m investment from private equity firm KKR, 36Kr has reported.
The deal reportedly valued the company at $700m and it comes two months after Tencent had invested an undisclosed amount in the company, according to Itjuzi.
Xingsheng operates a network of local retail stores that span 12 Chinese provinces, selling fresh produce and groceries.
Customers can order goods online through the company’s WeChat account…
