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Dingdong

Grocery delivery / e-commerceChina
New to Unitard
📉 Public < $1B
Peak $5 BillionRecorded estimate
~-90%
from peak
  1. 🦄
    Became a unicorn
    2020
  2. 📈
    Peak valuation
    $5 Billion ’21
  3. 💔
    Became a Unitard
    2022
  4. 💸
    Last valuation estimate
    ~$500M
Current status
Public (NYSE: DDL)

The rise & fall

6 moments · 2017–2023

The key moments.

2017
Founded in Shanghai
A network of neighborhood fulfillment stations promises fresh groceries at your door in under an hour.
Wikipedia
2020
Joins the unicorn club
Fresh funding during China's pandemic grocery boom values the fulfillment-station model above $1B.
TechCrunch
Jun 2021
The peak: NYSE debut$5B
SoftBank-backed at about $5.1B before the deal, Dingdong lists in New York with a debut market cap near $4.7B — the top.
Reuters
2021–22
The grocery price war grinds on
China's grocery-tech subsidy battle and the brutal economics of sub-hour delivery force Dingdong to retreat from many cities.
Reuters
2022
Slips out of the club
The stock falls about 90% from its debut as the company narrows to its strongest regions.
stockanalysis
2023
Smaller, but finally profitable
After the retreat, the slimmed-down core regions turn a profit — with the company worth a fraction of its debut.
Reuters

How it happened

Dingdong (Maicai) is a Chinese on-demand grocery-delivery company that operates a network of neighborhood fulfillment stations to deliver fresh food in under an hour. Backed by SoftBank and valued around $5.1B before its June 2021 NYSE IPO, it listed at a market value near $4.7B.

China's grocery-tech price war and the punishing economics of ultra-fast delivery forced it to exit many cities and chase profitability; the stock fell about 90%, leaving Dingdong worth around $0.5B — a fraction of its debut, even after eventually reaching profitability in its core regions.

Source: Nasdaq / Renaissance / stockanalysis (SoftBank-backed ~$5.1B pre-IPO; June 2021 NYSE IPO, listing-day market cap ~$4.7B; ~$463M by 2025, -90%; exited many cities)

Founder

  • Liang Changlin
    Founder & Chairman (was CEO through IPO and peak; recently handed CEO title to CFO Wang Song, remains chairman)
    No public profile matched

Disclosed investors (18)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-13 · Methodology · Leaderboard

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