A Chinese grocery shopping app, Xingsheng Youxuan, has raised about $2 billion and this funding will value the company at $6 billion approximately. Internet gaming giant Tencent Holdings was amongst many other investors including Sequoia China, FountainVest and Temasek.
The global food and grocery retail industry is expected to surpass $17T by 2027, expanding at an annual rate of 5%. During this time, digitisation is set to transform the entire food value chain from farm to fork. Our weekly newsletter covers innovations and disruptions in food and grocery industry.
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