Rumor: Tencent Leads USD 3 Bln Investment in Group Buy App Pinduoduo

36Kr.com, 4/11/18

Shanghai-based Xunmeng Information Technology, developer of mobile group buy platform Pinduoduo, has reportedly completed USD 3.0 bln in funding at a valuation of nearly USD 15 bln, according to an exclusive report of 36Kr.com. Chinese internet conglomerate Tencent (0700.HK) reportedly led the round which also included Sequoia Capital. However, another investor close to the transaction says the amount may be less than USD 3 bln. Pinduoduo had not responded to requests for clarification at the time of press.

Pinduoduo, founded just over two years ago, had gross merchandise volume of more than RMB 100 bln in 2017.

Keywords: funding valuation wireless Tencent Sequoia Capital 0700.HK Xunmeng Pinduoduo group buying GMV

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