China-based group buying platform Pinduoduo has raised $110m in a series B round that included internet group Tencent, according to China Money Network, which cited local media reports.
The round also included venture capital firm Banyan Capital and private equity fund New Horizon Capital. No information has been released regarding its series A funding.
Pinduoduo launched its e-commerce platform in September 2015. It enables users to link with each other to take advantage of group and bulk buying deals across product categories ranging from food to cosmetics or childcare items.
The company has utilised Tencent’s WeChat instant messaging app to expand its business quickly as users join along with members of their pre-existing social network. It claims to have 20 million members, and to be responsible for RMB10m ($1.5m) of transactions each day.