China's social media and e-commerce platform, xiaohongshu, is in early negotiations on new financing, valuing it at about $6 billion, foreign media reported, citing people familiar with the matter.
The online platform, Little Red Book, has been invested. For future financing, mr. hong intends to raise $400 million to $500 million, people familiar with the matter said. The company is working with financing advisers and has consulted potential investors. Last year, Little Red Book was valued at $5 billion.
Last year, Little Red Book was taken off the shelves by app stores. But the app has now returned to stores to download it normally, and as of july last year there were more than 300 million users, according to the company's website.
Founded in 2013, Little Red Book is an online community that recommends overseas e-commerce sites to Chinese users. Subsequently, the platform gradually set foot in the field of e-commerce, and developed into a social media platform, so that users through video and picture sharing with skin care, food and travel and other related topics of daily life bits.
In 2018, the start-up completed a round of $300 million in D-round financing at a valuation of more than $3 billion, led by Alibaba, with participation such as GSR Ventures and Tencent. (White)