Capital, Earnings & M&A
Community Group Buying: A Battle Royale
Behind the impressive order numbers lie losses, and once financing fails to keep up, the surviving players in community group buying will face an even more difficult game. A year ago, the wave of community group buying startups surged, and capital gave rise to many entrepreneurial stars, one of which was Songshu Pinpin. Among these startups, Songshu Pinpin launched the latest, officially going online in August 2018. However, thanks to the halo of its founder Yang Jun, a former Meituan veteran, Songshu Pinpin secured $61 million in financing within just one year. Tu Fanfei, a former employee of Songshu Pinpin, still remembers the scene when he joined the company last September, describing it with four words: chaotic and messy.
星莹 晋源 钟微