A Chinese e-commerce site called Pinduoduo, or PDD, has raised more than $1 billion at a valuation of about $15 billion, roughly 10 times the level just a year ago, according to people familiar with the matter.
The Shanghai-based company, founded by ex-Google engineer Colin Huang, is getting the money from existing investors including Sequoia Capital China and Tencent Holdings Ltd., said the people, asking not to be named because the matter is private. Some of the money was invested at a slightly lower valuation, one of the people said. The company didn’t respond to requests for comment.
