Chinese Grocery Platform Missfresh Unveils First Financial Report Since IPO
On August 26th, Missfresh released its first financial report after its U.S. listing. The report showed that, in the second quarter of 2021, its total net revenues reached 1.89 billion yuan ($293.4 million), representing a 40.7% year-on-year increase. GMV increased by 35.4% year-on-year to 2.31 billion yuan, and total number of fulfilled orders increased by 32.2% year-on-year to 23.8 million.
Missfresh officially went public on the Nasdaq on June 25th. “During the quarter, we continued our efforts to enhance our customers’ shopping experience. Our business matrix consists of on-demand DMW retail, intelligent fresh markets and retail cloud services. We believe this combination will drive a stronger, higher quality and more sustainable growth for Missfresh in the long run,” said Xu Zheng, Founder, Chairman and Chief Executive Officer of the company.
According to the financial report, Missfresh’s net loss was 1.43 billion yuan for the second quarter of 2021, compared with 339.8 million yuan in the same period of 2020. The company’s Non-GAAP adjusted net loss was 888.9 million yuan in Q2 this year, compared to that of 325.4 million yuan in the same period of 2020.
As of June 30, 2021, the company had operated 625 DMWs (Distributed Mini-warehouse) in 16 cities in China and covered a total area of about 208,283 square meters, representing an 11.0% year-over-year increase. The average delivery time per order was further shortened to 37 minutes in the second quarter of 2021, down from 39 minutes in the first quarter of 2021.
As of June 30, 2021, Missfresh had entered into contracts to operate 58 intelligent fresh markets in 15 cities in China and had started operation of 34 intelligent fresh markets in 11 other cities in China. On June 19th, Missfresh and Tencent held a strategic cooperation press conference on Retail Cloud business collaboration.
SEE ALSO: MissFresh Partners with Tencent to Accelerate Digitalization for Grocery and FMCG Retailers
