Nice Tuan is a technology company.
Nice Tuan has raised $509.0M across 5 funding rounds.
Nice Tuan has raised $509.0M in total across 5 funding rounds.
Nice Tuan (also known as Shi Hui Tuan or Shihuituan) was a Chinese e-grocery platform founded in 2018 that enabled users to form groups via a WeChat mini-program to collectively buy farm produce, daily groceries, and miscellaneous products in bulk at competitive prices.[1][2][3][4] It targeted urban consumers seeking affordable fresh food through a community group-buying model, solving high costs and logistics challenges in China's competitive e-grocery market amid booming demand for convenient online grocery services.[1][2] The company raised over $1.21 billion in funding, including a massive $750 million Series D round co-led by Alibaba and DST Global in early 2021, but ceased operations in 2022 due to unsustainable economics, supply chain disruptions from COVID-19, high cash burn, and regulatory pressures.[1][2]
Nice Tuan was founded in 2018 by Peng Wang and co-founders with backgrounds in the fresh market and new retail sectors, launching from Beijing as a community-based e-commerce platform.[2][4][5][7] The idea emerged during China's rapid growth in group-buying e-grocery apps, capitalizing on WeChat's ecosystem for social commerce to enable bulk purchases from farms and suppliers.[1][3] Early traction was strong: by 2021, it had secured nearly $450 million across multiple rounds, culminating in the $750 million Series D with investors like Alibaba, DST Global, DE Shaw, Dragoneer, and GGV Capital, fueled by investor confidence in its execution and the sector's hype.[1] Pivotal moments included Alibaba's repeated backing and praise from Cygnus Equity for its strategic vision, though regulatory scrutiny from Chinese authorities for unfair practices marked a turning point.[1][6]
Nice Tuan rode the explosive wave of community group-buying in China's e-grocery sector post-2018, a trend amplified by COVID-19 demand for contactless delivery and urban consumers' shift to affordable bulk fresh food.[1][2] Timing was ideal amid tech giants like Alibaba and Tencent battling for dominance, with group-buying apps iterating on social commerce models that pressured incumbents like MissFresh.[1] Market forces favoring it included WeChat's ubiquity and investor frenzy—$1.21B raised reflected agrifoodtech hype—but headwinds like regulatory crackdowns on monopolistic practices and COVID supply shocks exposed vulnerabilities in growth-at-all-costs models.[2][6] It influenced the ecosystem by intensifying competition, pushing efficiency in logistics and pricing, but its 2022 shutdown highlighted the sector's fragility, paving the way for more sustainable players.[1][2]
Nice Tuan's arc—from 2018 startup to $1.21B-funded giant, then dead by 2022—exemplifies the boom-bust cycle in China's community e-grocery wars, crushed by regulation, logistics woes, and unprofitable scaling.[2] With operations ceased, there's no active future, but its legacy underscores shifts toward resilient models blending AI logistics and diversified revenue in agrifoodtech.[1][2] Trends like stricter oversight and supply chain tech will shape survivors, evolving the space from hype-driven group buys to efficient, regulated platforms—tying back to Nice Tuan's initial promise of affordable bulk groceries that briefly disrupted daily shopping for millions.[1][2]
Nice Tuan has raised $509.0M in total across 5 funding rounds.
Nice Tuan's investors include Granite Asia, INCE Capital, Qiming Venture Partners.
Nice Tuan has raised $509.0M across 5 funding rounds. Most recently, it raised $200.0M Series C in November 2020.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Nov 1, 2020 | $200.0M Series C | Granite Asia, INCE Capital, Qiming Venture Partners | |
| Jul 1, 2020 | $80.0M Series C | Granite Asia | |
| May 1, 2020 | $81.0M Series C | Granite Asia, INCE Capital, Qiming Venture Partners | |
| Jan 1, 2020 | $88.0M Series B | INCE Capital, Qiming Venture Partners | |
| Oct 1, 2019 | $60.0M Series B | INCE Capital, Qiming Venture Partners |