Xingsheng Selected, which is best known for its Xingsheng Youxuan shopping app, is an online-to-offline (O2O) grocery seller. The brand was created by Rurong Xingsheng, a convenience store chain with a strong presence in southern and central China. Its business model is based on community group-buying in which consumers can purchase fresh produce and other daily supplies through WeChat and then pick up their goods from convenience stores in their neighbourhoods.
Xingsheng raised about $2 billion in a new funding round in February that was reported to have valued the company at $6 billion prior to the new capital raise. Participants in the round included private equity firms FountainVest Partners, Primavera Capital Group and KKR, as well as Tencent.
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