Tencent-backed Furong Xingsheng raised the funding at a $700m valuation and will use the cash to expand its neighbourhood-based grocery stores into additional small towns and cities.

Furong Xingsheng, a China-based community supermarket operator backed by internet group Tencent, has received a $40m investment from private equity firm KKR, 36Kr has reported. The deal reportedly valued the company at $700m and it comes two months after Tencent had invested an undisclosed amount in the company, according to Itjuzi. Xingsheng operates a network…

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