Missfresh

Grocery delivery / e-commerceChina

New to Unitard

💀 Dead / Bankrupt

Peak $2.8 BillionToday

~-99%

from peak

🦄
Became a unicorn
2019
📈
Peak valuation
$2.8 Billion ’21
💔
Became a Unitard
2021
💸
Last valuation
Wiped out

Capital raised

$1.7B

Total raised

$661K/day

Raised per day

Total raised averaged per day over approximately 7.0 years from founding to bankruptcy or shutdown. This is not measured cash burn. Methodology

Funding: Tracxn / TechNode

Current status

Halted core grocery business and laid off most staff (July 2022); faced Nasdaq delisting; owed suppliers ~$148M.

The rise & fall

6 moments · 2014–2022

The key moments.

2014

Founded in Beijing

Xu Zheng's neighborhood micro-warehouses promise fresh groceries at the door in under an hour.

TechNode

2019

Joins the unicorn club

Tencent-backed rounds swell toward $1.7B raised in total.

TechNode

Jun 2021

The peak: a $2.8B Nasdaq IPO$2.8B

Raises $273M in New York — and the shares sink from day one.

CNBC

2021

Out of the club within months

The economics of one-hour groceries never work; the stock collapses below the $1B line the same year it lists.

CNBC

Jul 2022

Shuts down overnight — joins the Unitard Club 💔

Missfresh abruptly halts its signature on-demand delivery business and lays off most of its staff, with the shares already down more than 98%.

CNBC

2022

The bill comes due

Suppliers are left owed roughly $148M as Nasdaq moves to delist the stock.

TechNode

$2.77Bof peak value erased · 7 years

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)