Closed nationwide (March 2022) after price-war losses and mass layoffs
The rise & fall
7 moments Β· 2018β2022
The key moments.
Jun 2018
π±
Jun 2018
Founded as Shihuituan
Fresh produce for neighborhood WeChat groups, sourced through an army that would grow past 60,000 group leaders.
KrAsia
2020
π¦
2020
Joins the unicorn club
Community group-buying booms and Nice Tuan becomes one of China's 'big three' platforms.
KrAsia
Mar 2021
Mar 2021
Alibaba leads a $750M round
The giant's backing crowns it a heavyweight in the group-buying wars.
KrAsia
Dec 2021
π
Dec 2021
The peak: Hurun calls it China's 83rd unicorn$2.6B
Ranked at 17 billion yuan β about $2.6B β even as the economics rot underneath.
Hurun
2021
2021
The price war turns ruinous
It loses 5-6 yuan on every 10 yuan of goods sold, and a hoped-for $700M raise brings in only $300M.
KrAsia
2022
2022
From 10,000 staff to a few hundred
Mass layoffs gut the company as the cash runs out.
FreshPlaza
Mar 2022
πͺ¦
Mar 2022
Shuts down nationwide β joins the Unitard Club π
The platform closes with suppliers left holding unpaid debts.
KrAsia
$2.6Bof peak value erased Β· 4 years
How it happened
Nice Tuan (Shihuituan, εθε’) was one of China's 'big three' community group-buying platforms, sourcing fresh produce for neighborhood WeChat groups via more than 60,000 group leaders. Backed by Alibaba β which led a $750M round in March 2021 β it was ranked China's 83rd unicorn by Hurun in December 2021 at 17 billion yuan (~$2.6B).
A ruinous price war saw it lose 5-6 yuan on every 10 yuan of goods sold; after raising only $300M of a hoped-for $700M, it slashed its workforce from 10,000 to a few hundred and shut down nationwide in March 2022, leaving unpaid supplier debts.
Source: KrAsia / FreshPlaza / Hurun (Alibaba-backed; Hurun ranked it China's 83rd unicorn Dec 2021 at 17B yuan/~$2.6B; raised only $300M of a $700M target Jul 2021; workforce cut from 10,000 to a few hundred; closed Mar 2022 with unpaid supplier debts)
