Chinese’s Pinduoduo seeks US$1 billion

Jul 5, 2018Updated Jun 4, 20251 min read

Chinese e-commerce startup Pinduoduo is seeking US$1 billion in a US IPO, going head to head with industry giants such as Alibaba.

The company’s business model, in which users recruit friends via social media to enjoy group-discount offers direct from manufacturers, has seen its transaction volumes reach 141.2 billion yuan (US$21.3 billion) in 2017, tripling the company’s revenue. It was founded by ex-Google engineer Colin Huang and is backed by Tencent and Sequoia Capital, among others.

Pinduoduo raised more than US$1 billion in its last fundraising round in April, against a valuation of around US$15 billion. Its sales have been strongly supported by its large user base in lower-tier Chinese cities. The site’s daily active users reached 55.9 million last month, more than 20 million more than the popular JD e-commerce platform.

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Mei Ling Tan

Contributor · RetailNews.asia

Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

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