June 29, 2020 / 10:40 AM / 9 days ago

Tencent, Primavera to fund grocery delivery app: Bloomberg News

(Reuters) - Tencent Holdings Ltd and private equity Primavera Capital are joining a funding round for Chinese grocery delivery app Xingsheng Youxuan that values the startup at $3 billion, Bloomberg reported on Monday, citing people familiar with the matter.

Tencent, which also backs grocery-delivery rival Missfresh, has not yet decided on how much money it would invest, the report here said, citing a source.

The latest round of funding comes amidst a surge in demand for grocery delivery as more consumers order from the comfort of their homes due to coronavirus-led restrictions.

Primavera and Tencent were not immediately available to respond to Reuters’ request for comment.

Reporting by Nivedita Balu in Bengaluru; Editing by Amy Caren Daniel

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