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§ Private Profile · Beijing, China
Nice Tuan is a technology company.
Nice Tuan operates an e-commerce platform providing daily groceries and fresh produce. It partners with local residential communities, utilizing local warehouses and producers to efficiently deliver essential household items. The company's technical approach establishes a streamlined, community-based e-commerce ecosystem designed to fulfill everyday consumer needs.
Nice Tuan was founded in 2018 by Peng Wang. The company originated from the insight that local communities needed a more convenient way to access daily necessities. Wang developed the platform to optimize the connection between local suppliers and residents, facilitating direct procurement of fresh produce and household goods through a community-centric model.
The platform serves local residents within defined communities, offering a curated selection of groceries and essential household items. Nice Tuan's vision involves cultivating a highly efficient and accessible community e-commerce ecosystem. This focuses on dependable provision of fresh produce and daily groceries directly to consumers, enhancing convenience and local commerce.
Nice Tuan has raised $1.3B across 6 funding rounds.
Nice Tuan has raised $1.3B in total across 6 funding rounds.
Nice Tuan (also known as Shi Hui Tuan or Shihuituan) was a Chinese e-grocery platform founded in 2018 that enabled users to form groups via a WeChat mini-program to collectively buy farm produce, daily groceries, and miscellaneous products in bulk at competitive prices.[1][2][3][4] It targeted urban consumers seeking affordable fresh food through a community group-buying model, solving high costs and logistics challenges in China's competitive e-grocery market amid booming demand for convenient online grocery services.[1][2] The company raised over $1.21 billion in funding, including a massive $750 million Series D round co-led by Alibaba and DST Global in early 2021, but ceased operations in 2022 due to unsustainable economics, supply chain disruptions from COVID-19, high cash burn, and regulatory pressures.[1][2]
Nice Tuan was founded in 2018 by Peng Wang and co-founders with backgrounds in the fresh market and new retail sectors, launching from Beijing as a community-based e-commerce platform.[2][4][5][7] The idea emerged during China's rapid growth in group-buying e-grocery apps, capitalizing on WeChat's ecosystem for social commerce to enable bulk purchases from farms and suppliers.[1][3] Early traction was strong: by 2021, it had secured nearly $450 million across multiple rounds, culminating in the $750 million Series D with investors like Alibaba, DST Global, DE Shaw, Dragoneer, and GGV Capital, fueled by investor confidence in its execution and the sector's hype.[1] Pivotal moments included Alibaba's repeated backing and praise from Cygnus Equity for its strategic vision, though regulatory scrutiny from Chinese authorities for unfair practices marked a turning point.[1][6]
Nice Tuan rode the explosive wave of community group-buying in China's e-grocery sector post-2018, a trend amplified by COVID-19 demand for contactless delivery and urban consumers' shift to affordable bulk fresh food.[1][2] Timing was ideal amid tech giants like Alibaba and Tencent battling for dominance, with group-buying apps iterating on social commerce models that pressured incumbents like MissFresh.[1] Market forces favoring it included WeChat's ubiquity and investor frenzy—$1.21B raised reflected agrifoodtech hype—but headwinds like regulatory crackdowns on monopolistic practices and COVID supply shocks exposed vulnerabilities in growth-at-all-costs models.[2][6] It influenced the ecosystem by intensifying competition, pushing efficiency in logistics and pricing, but its 2022 shutdown highlighted the sector's fragility, paving the way for more sustainable players.[1][2]
Nice Tuan's arc—from 2018 startup to $1.21B-funded giant, then dead by 2022—exemplifies the boom-bust cycle in China's community e-grocery wars, crushed by regulation, logistics woes, and unprofitable scaling.[2] With operations ceased, there's no active future, but its legacy underscores shifts toward resilient models blending AI logistics and diversified revenue in agrifoodtech.[1][2] Trends like stricter oversight and supply chain tech will shape survivors, evolving the space from hype-driven group buys to efficient, regulated platforms—tying back to Nice Tuan's initial promise of affordable bulk groceries that briefly disrupted daily shopping for millions.[1][2]
Nice Tuan has raised $1.3B across 6 funding rounds. Most recently, it raised $750.0M Other Equity in March 2021.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Mar 31, 2021 | $750M Venture Round | A Capital, DST Global | Anatole Investment, CDH Investments, JIN TAO, D. E. Shaw Group, Dragoneer Investment Group, Franchise Capital, GGV Capital, Jeneration Capital, Kunlun Capital | Announced |
| Nov 1, 2020 | $200M Series C | A Capital | Granite Asia, INCE Capital, Qiming Venture Partners | Announced |
| Jul 1, 2020 | $80M Series C | CDH Investments | Granite Asia, GGV Capital, INCE Capital | Announced |
| May 1, 2020 | $81M Series C | — | Granite Asia, INCE Capital, Qiming Venture Partners | Announced |
| Jan 1, 2020 | $88M Series B | — | INCE Capital, Qiming Venture Partners | Announced |
| Oct 1, 2019 | $60M Series B | — | INCE Capital, Qiming Venture Partners | Announced |
Nice Tuan has raised $1.3B in total across 6 funding rounds.
Nice Tuan's investors include Alibaba, DST Global, Anatole Investment, CDH Investments, Jin Tao, D. E. Shaw group, Dragoneer Investment Group, Franchise Capital, GGV Capital, Jeneration Capital, Kunlun Capital, Granite Asia.