Dingdong
Founded in 2017, Dingdong is a self-operated food-focused instant retailer active in 25 cities, with nearly 1,000 warehouses. In 2021, it raised US$ 330 million in a SoftBank-led round before going public in the U.S.
Its wine selection features well-known labels such as DBR Lafite Legend, Knock Knock, and Penfolds, alongside boxed Italian reds and Bourgogne AOC wines. Pricing is aggressively competitive, with Chilean reds starting at RMB 29.9, Chardonnay at RMB 49, and Saint-Émilion at RMB 99.
Some wines have over 10,000 reviews, reflecting strong traction. Dingdong primarily sources through importers and does not appear to engage in direct procurement, meaning wineries must go through third-party partners to get listed.
In 2024, Dingdong reported a gross merchandise value (GMV) of RMB 25.6 billion, marking a 16.3% year-on-year increase. Revenue rose 15.5% to RMB 23.07 billion, while non-GAAP net profit surged to RMB 420 million—more than eight times higher than the previous year.
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