China’s Red raises $500m at $20b valuation
Chinese social e-commerce app Xiaohongshu, also known as Red, has raised a $500 million round led by Temasek Holdings and Tencent Holdings at a valuation of $20 billion, up from $3 billion in 2018.
Existing investors Alibaba Group, Genesis Capital, and Tiantu Capital re-upped. Alibaba led a $300 million Series D round in 2018. Red reportedly cancelled its US IPO plans this year amid regulatory...
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