Caixin
Jun 09, 2021 07:56 PM
BUSINESS & TECH

Medical Platform Dingdang Raises $220 Million in Funding Round

What’s new: Dingdang Kuaiyao raised $220 million in a recently completed financing round, the Chinese online-to-offline medical platform said Tuesday, taking another step toward a mooted overseas listing.

The funding was led by TPG Capital Asia, OrbiMed and Redview Capital, according to the company. Valliance, Orchid Asia, Summer Capital and Yingke PE also joined the round. China Renaissance acted as the adviser for the deal.

Taikang Life Insurance, one of Dingdang’s investors, said in April that the firm needed to overhaul its shareholding structure ahead of a planned initial public offering outside China.

Dingdang operates a mobile platform in China that allows users to purchase medicines and personal care items online and have them shipped to their homes.

The background: Dingdang is one of a slate of Chinese mobile delivery apps eyeing foreign listings in a bid to capitalize on their growing popularity among internet users.

Last year’s coronavirus lockdowns and other social distancing measures boosted the Asian giant’s online delivery services, but urbanization, rising incomes and mobile-savvy younger generations underpin the market’s long-term growth.

In October, Dingdang secured 1 billion yuan ($156 million) in a funding round joined by Taikang, Haier Biomedical and Longmen Investment.

The company has previously won backing from SoftBank China Capital, China Merchants Bank’s CMB International Corp. Ltd. and Sinopharm-CICC.

Contact reporter Matthew Walsh (matthewwalsh@caixin.com) and editor Joshua Dummer (joshuadummer@caixin.com)

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