Tiger Global has seen another bet go awry with grocery delivery start-up Missfresh having lost 97% of its value since its Nasdaq IPO in June last year, according to a a report by the Financial Times.
Missfresh has closed its operations across China and is on the look out for fresh capital to keep its business alive having been hit by an accounting scandal and seen its market value sink to just $88 million having hit a $3 billion valuation in New York a year ago.
Investors including Tiger Global and Goldman Sachs are reported to have invested $1 billion in the business which has recently announced that it is to dilute investor shareholdings further still by issuing 300 million shares – roughly a 30 per cent share in the business – to coal mining group Shanxi Donghui Group for $30 million.
The business sis reported to have held talks with a wide range of businesses including GOME Electrical Appliances, SF Express and China Resources as it looks to secure other additional financing.
