(Yicai Global) April 6 -- Chinese grocery application Dingdong Maicai has finished its USD700 million Series D round of financing, led by Hong Kong-based DST Global and New York's Coatue Management.

Existing shareholders, including Tiger Global Management, General Atlantic, CMC Capital Group, Capital Today, Sequoia Capital, Ocean Link, and Hony Capital, participated in this round, news portal CNStock reported today.

Some of the new shareholders include Aspex Management, 3W Fund Management, Mass Ave Global, APlus Partners, and Cygnus Equity.

Founded in March 2017, Dingdong Maicai offers as fast as 29-minute fresh food delivery. The Shanghai-based company's services covered 29 Chinese cities, including Shanghai, Beijing, and Shenzhen, by last December. It had nearly 1,000 warehouses and the daily order volume exceeded 900,000.

The proceeds of the latest financing round will be used for market expansion, supply chain development, and team building, according to the report.

Last February, Chinese news outlets reported that Dingdong Maicai is planning to list in the US to raise at least USD300 million.

The e-commerce platform garnered USD300 million in its latest round of financing, and was valued at USD2 billion at that time, according to a local media report published last May. However, founder Liang Changlin denied the numbers. The company has not revealed the sums of its earlier seven rounds of financing.

Dingdong Maicai has advantages in its smart supply chain as the system can predict sales with an accuracy rate exceeding 90 percent. Only 1 percent of the items are disappearing from the shelves slowly.

Editor: Emmi Laine, Xiao Yi