Alibaba leads $300m Series D in shopping app Xiaohongshu

Photographer: Qilai Shen/Bloomberg

Chinese social e-commerce shopping startup Xiaohongshu (literally translated as Little Red Book, otherwise known as RED) has raised a $300 million Series D round led by internet giant Alibaba at an estimated $3-billion valuation, Chinese media reported.

Xiaohongshu helps users discover and buy luxury goods from overseas, share shopping tips and exchange fashion ideas.

Its latest funding round was joined by Tencent, GSR Ventures, GGV Capital, ZhenFund, Genesis Capital, Hong Kong-based businessman Adrian Cheng and Tiantu Capital, according to a China Money Network report.

The fresh funds will be used to expand the startup’s existing team, to further develop its technology and to grow its user base. It currently has over 2,000 employees across offices in China and other parts of the world.

Last month, Bloomberg reported that Xiaohongshu was looking to raise at least $200 million at a valuation of more than $2.5 billion. Other e-commerce platforms that have been backed by Alibaba include Lazada Group, Tokopedia, and BigBasket.

In 2016, Xiaohongshu had raised a $100-million series C round led by Tencent Holdings and joined by Genesis Capital and Tiantu Capital.

Founded in 2013, Xiaohongshu claims to have more than 100 million users and 30 million monthly active users as of May 2018.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.