China-based online group buying platform Pinduoduo has closed a $3bn funding round led by internet group Tencent, Technode reported today, citing technology news provider 36Kr.
Venture capital firm Sequoia Capital reportedly also participated in the round, which valued Pinduoduo at $15bn, though an unnamed source told 36Kr that the investment may in fact be smaller than $3bn.
Founded in 2015, Pinduoduo operates an e-commerce offering that allows users to utilise social media platforms such as messaging service WeChat to share details of products they want to buy, and to form purchasing groups to secure discounts of up to 90%.
The platform offers products across a wide range of categories such as food, cosmetics and babycare. It has reportedly attracted a total of approximately 300 million users to date.
Pinduoduo had previously received $110m in series B funding from Tencent, investment firm Banyan Capital and private equity fund New Horizon Capital in 2016. The company has not disclosed details concerning its series A round.