- Companies
- Pupumall
Pupumall Funding, Investors & Competitors
Pupumall has raised $357M across 4 funding rounds, most recently a $200M undisclosed-stage round in November 2021.
Last Pupumall funding round
$200M
Undisclosed stage · Nov 2021
Cumulative funding Pupumall raised
$357M
across 4 funding rounds
Key investors in Pupumall
IDG Capital
Taihecap
About Pupumall
Pupumall is a Shanghai-based instant grocery delivery platform connecting supermarkets with riders for 10-minute fresh produce orders. It covers 5,000 product SKUs including fruits, vegetables, meats, and dairy from partners like Carrefour. Operating in 10 Chinese cities, Pupumall fulfills 1 million orders monthly through micro-warehouses.
Founded
2016
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Pupumall Funding History
Pupumall has raised a total of $357M across 4 funding rounds.
Pupumall's first fundraising round was a $2M Series A in August 2018. The most recent completed round was a $200M undisclosed-stage round in November 2021.
Pupumall funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Nov 2021 | Undisclosed stage | IDG Capital (lead) | $200M | Pupumall (also Pupu Mall) is a Fuzhou-based online platform founded in 2016, specializing in instant delivery of fresh groceries including fruits, vegetables, meat, seafood, dairy, grains, oils, beverages, snacks, and daily necessities, with over 3,600 SKUs and 30-minute delivery within 1.5 km of front warehouses. The company operates primarily in Fujian, expanded to Shenzhen in 2019, and planned further growth to Guangdong, employing nearly 10,000 people by late 2019. It has raised a total of $156.46M across 5 funding rounds, with the latest being a Series B - III on November 18, 2021, involving IDG Capital and undisclosed investors. Earlier rounds include a 2019 Series B1 of $55M and a subsequent round of $100M (with $30M initially disbursed) led by investors like Sequoia China, Tiger Fund, Capital Today, and Meituan, focused on supply chain enhancements in southeast China. IDG Capital participated in this specific Series B - III round. Pupumall competes in the capital-intensive 'front warehouse' model promising rapid delivery, alongside players like Miss Fresh (Beijing) and Dingdong Maicai (Shanghai), emphasizing fast scaling backed by deep-pocket investors. The company's strategy positions it as a tech-driven grocery platform, leveraging technology for efficiency in warehousing, distribution, and rider connections to serve consumers seeking quick grocery solutions. |
| Dec 2019 | Series B | - | $100M | PUPUMALL is a Fujian-based fresh grocery e-commerce platform founded in September 2016 that operates a front warehouse model, guaranteeing 30-minute delivery within 1.5 kilometers of its warehouses. The company offers over 3,600 SKUs including fresh produce, meat, seafood, and daily necessities through its mobile app and WeChat mini-program. In December 2019, PUPUMALL raised USD 100 million in a Series B2 round, with USD 30 million already deployed at announcement. This was the company's second major funding round in 2019, following a USD 55 million Series B1 round in March 2019. By 2019, PUPUMALL had expanded from its base in Fujian to launch in Shenzhen and planned entry into Guangzhou, with approximately 10,000 employees and an average delivery time of 24 minutes. Investors in the B2 round included Sequoia China, Tiger Fund, Capital Today, and Meituam. The company competes in the rapid-delivery fresh grocery space alongside established players like Freshippo, Miss Fresh, and Dingdong Maicai, all adopting the front warehouse model with sub-30-minute delivery promises. The fresh grocery e-commerce sector saw significant capital competition in 2019, driven by the high-growth potential of on-demand delivery in China's first and second-tier cities. |
| Mar 2019 | Series B | Taihecap (lead) | $55M | Pupumall is a Chinese fresh food e-commerce platform founded in September 2016 and fully known as Fuzhou Pupu Mall E-commerce Co Ltd. The company operates a front warehouse plus online operation retail model, using small independent warehouses distributed around residential communities for commodity turnover, short-term storage, sorting, and distribution rather than traditional brick-and-mortar stores. The platform offers over 3,600 SKUs including fruits, vegetables, meat, poultry, seafood, grains, snacks, and daily necessities, with delivery guaranteed within 30 minutes to customers within 1.5 kilometers of its warehouses. Orders are placed through Pupu Mall's mobile app and WeChat mini-program, with delivery completed in an average of 24 minutes. In March 2019, Pupumall closed its Series B1 funding round of USD 55 million from an undisclosed domestic USD-denominated fund, with China Taihecap serving as exclusive financial advisor. By the time of this round, Pupumall had established significant operations in Fujian with approximately 10,000 employees and had begun expansion into other markets. Later in 2019, the company announced a second funding round of USD 100 million (USD 30 million immediately available) to further expand supply chain construction in southeast China, particularly targeting Shenzhen and Guangzhou markets. Pupumall competed in a rapidly growing segment alongside other front warehouse platforms like Beijing's Miss Fresh and Shanghai's Dingdong Maicai, with the model attracting investors such as Sequoia China, Tiger Fund, Capital Today, and Meituan due to the substantial capital requirements of the fast-scaling strategy. |
| Aug 2018 | Series A | - | $2M | - |
Who has invested in Pupumall?
2 investors have backed Pupumall across its funding rounds, including IDG Capital and Taihecap.
Lead investors include IDG Capital and Taihecap.
Pupumall Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 2 Pupumall investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialPupumall Competitors
Pupumall competitors include listed companies like Uber, Prosus, DoorDash and Meituan, and private ones like Gopuff and Kitopi.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $1B | - | $8.5B | - | ||
| Private | - | - | $1.6B | - | ||
| Publicly listed | $52B | $6.2B | $145B | 2.8x | ||
| Publicly listed | $9.7B | $1.1B | $86B | 8.0x | ||
| Publicly listed | $14B | $1.5B | $84B | 4.9x | ||
| Publicly listed | $54B | ($2.2B) | $57B | 0.8x |
Pupumall Public Comps
Pupumall is still privately-owned, but its public comps include Meta, Recruit Holdings, Uber, Booking Holdings, Airbnb, Prosus, DoorDash, Carvana, Meituan and Rocket Companies.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $201B | $104B | 8.8x | 7.4x | 17.0x | 12.7x | |||
| $24B | $4B | 6.4x | 6.0x | 37.9x | 25.2x | |||
| $52B | $6.2B | 3.0x | 2.8x | 24.9x | 14.6x | |||
| $27B | $8.3B | 4.9x | 4.6x | 15.9x | 12.4x | |||
| $12B | $2.4B | 7.2x | 6.5x | 36.3x | 18.2x | |||
| $9.7B | $1.1B | 9.1x | 8.0x | 83.8x | 123.7x | |||
| $14B | $1.5B | 6.0x | 4.9x | 55.8x | 23.7x | |||
| $20B | ($110M) | 3.7x | 2.9x | (691.4x) | 27.7x | |||
This data is available for Pro users. Sign up to see all Pupumall competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Pupumall
| When was Pupumall founded? | Pupumall was founded in 2016. |
| Where is Pupumall headquartered? | Pupumall is headquartered in Fuzhou, China. |
| Is Pupumall publicly listed? | No, Pupumall is a private, VC-backed company. |
| How much funding has Pupumall raised? | Pupumall has raised $357M across 4 funding rounds. |
| What was Pupumall's last funding round? | Pupumall's last funding round was a $200M undisclosed-stage round in November 2021, led by IDG Capital. |
| Who are Pupumall's investors? | Pupumall's investors include IDG Capital and Taihecap. |
| Which companies are comparable to Pupumall? | Companies comparable to Pupumall include Gopuff, Kitopi, Uber, Prosus, DoorDash and Meituan. |
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