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.