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Technology Stocks : Tencent

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From: JakeStraw	4/17/2018 3:56:11 PM
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Pinduoduo rumored to have raised $3 billion in new funding round led by Tencent technode.com Founded in 2015, PDD has quickly become one of the fastest growing e-commerce unicorns in China and has accumulated around 300 million users on its app since its release. In 2017, the three-year-old e-commerce startup’s gross merchandise volume (GMV) exceeded RMB 100 billion – a milestone that took Taobao five years and JD 10 years to reach. Tencent Holdings was among the investors for PDD’s B funding round back in 2016. PDD holds a strategic importance for Tencent, who has been expressing interest in expanding into online retail. PDD has been able to expand in China’s fiercely competitive online retail sector because it has successfully targeted the low-income segment from smaller cities and towns.

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