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Missfresh

Grocery delivery / e-commerceChina
💀 Dead / Bankrupt
Peak $2.8 BillionToday
~-99%
from peak
  1. 🦄
    Became a unicorn
    2019
  2. 📈
    Peak valuation
    $2.8 Billion ’21
  3. 💔
    Became a Unitard
    2021
  4. 💸
    Last valuation
    Wiped out
🔥 Raised & burned
$1.7B
Total raised
$661K/day
Burned · 7.0y alive
Funding: Tracxn / TechNode
Current status
Halted core grocery business and laid off most staff (July 2022); faced Nasdaq delisting; owed suppliers ~$148M.

How it happened

Missfresh was one of China's pioneers of ultra-fast 'on-demand' grocery delivery, using a network of neighborhood micro-warehouses to deliver fresh food in under an hour. Backed by Tencent and others, it went public on Nasdaq in June 2021 at a valuation of about $2.8B. The economics never worked: its shares fell more than 98%, and in July 2022 it abruptly shut down its signature on-demand delivery business, laid off most of its staff and left suppliers owed roughly $148M. The stock was pushed toward delisting, ending one of the highest-profile flameouts of China's grocery-tech boom.

Source: CNBC / TechNode / Inside Retail (~$2.8B valuation at June 2021 Nasdaq IPO, $273M raised; shares -98%+; on-demand business halted and mass layoffs July 2022; owed ~$148M; Nasdaq delisting)

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