(Yicai Global) May 12 -- Dingdong Maicai, a fresh food group buying platform, has raised USD330 million in its D+ funding round led by Japan’s SoftBank Vision Fund, tech media 36Kr reported today.

This brings the Shanghai-based firm’s total D-round financing to USD1.03 billion, the report said. It had already secured USD700 million on April 6 led by Hong Kong investment firm DST Global and New York asset manager Caotue Management.

Existing shareholders, including Tiger Global Management, General Atlantic, CMC Capital Group, Capital Today, Sequoia Capital, Ocean Link and Hony Capital, also participated in this round.

The D-round financing is likely to be an ownership allocation before a potential listing in the US, the report said, citing an industry insider. In February, Bloomberg reported that the grocery app is considering a US initial public offering that could raise USD300 million.

Despite the huge investment, Dingdong Maicai has yet to turn a profit. The firm can only break even when it receives 1,250 daily orders per warehouse, Haitong Securities reported in 2019. So far, it is only managing around 1,000.

Through its close-to-store warehouse business model, Dingdong Maicai is able to complete fresh produce orders in just 29 minutes. It runs 1,000 warehouses in 20 cities including Shanghai, Beijing, Shenzhen, Guangzhou and Hangzhou. Last year, it reported CNY14 billion (USD2.2 billion) in gross merchandise volume.

Editor: Kim Taylor