Chinese grocery delivery company, Dada (DADA) went public with a $3.5 billion valuation.
While there is greater U.S. scrutiny with Chinese stock listings, the company’s founder and CEO Phillip Kuai noted, “We particularly welcome better auditing and regulation,” as quoted by CNBC. “Only when your entire environment is as healthy as possible will the interests of everyone — investors, users etc. — be protected, and the market develop in a healthy way.”
The company has noted that many people have just begun to shop for groceries online.
It’s part of the reason why Dada saw active customers for retail delivery jump to 11.9 million in the first three months of 2020 – up from 7.1 million year over year. Plus, the average order size increased 50% year over year, as well.