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16 April 2018

Analysis: Tencent purchases from Pinduoduo in a $3bn round

Tencent led a $3bn funding round raised by e-commerce platform Pinduoduo at a $15bn valuation.

Author: Kaloyan Andonov, reporter, GCV Analytics

China-based online group buying platform Pinduoduo completed a $3bn funding round, which was reportedly led by internet group Tencent at a $15bn valuation. The round also reportedly featured venture capital firm Sequoia Capital. Tencent had previously backed a $110m series B round raised by Pinduoduo in 2016, which included investment firm Banyan Capital and private equity fund New Horizon Capital.