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Nice Tuan (Shihuituan)

Social commerceChina
πŸ’€ Dead / Bankrupt
PeakΒ $2.6 BillionToday
~-100%
from peak
  1. πŸ¦„
    Became a unicorn
    2020
  2. πŸ“ˆ
    Peak valuation
    $2.6 Billion ’21
  3. πŸ’”
    Became a Unitard
    2022
  4. πŸ’Έ
    Last valuation
    Wiped out
πŸ”₯ Raised & burned
$1.2B
Total raised
$797K/day
Burned Β· 4.1y alive
Funding: AVCJ/AgFunder
Current status
Closed nationwide (March 2022) after price-war losses and mass layoffs

How it happened

Nice Tuan (Shihuituan, εθŸε›’) 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)

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