Qingting.fm, the China-based online radio and on-demand audio platform backed by video streaming service Youku Tudou, has raised $151m in series E funding from unnamed investors, AllTechAsia reported yesterday.
Founded in 2011, Qingting operates an online platform that aggregates broadcasts from more than 3,000 radio stations across the world and also offers on-demand audio content such as audiobooks and original programming.
The service covers a wide range of topics, from music and technology to finance and journalism. The platform also enables users to upload their own content and operate an internet radio channel.
Qingting claims to have approximately 300 million users across the world, 12 million of which use the platform on a daily basis, for an average of two hours per day.
The series E round was raised to boost revenue from paid radio programming ahead of a potential initial public offering for Qingting, though a timeline for the flotation could not be ascertained.
While the company has not disclosed any prior funding, Youku Tudou and venture capital firm Sinovation Ventures were both named as existing investors by AllTechAsia.
Sinovation took part in a series A round, according to deals database CB Insights, which also identifies China Culture Industrial Investment Fund as a participant in Qingting’s series D round. Sinovation does not however list Qingting as a portfolio company on its website.