Miranda Qu, co-founder of Xiaohongshu. Photo by Bloomberg.
Exclusive
Venture Capital Asia E-commerce

E-Commerce Startup Xiaohongshu Seeks to Raise $500 Million

Photo: Miranda Qu, co-founder of Xiaohongshu. Photo by Bloomberg.

Xiaohongshu, a Chinese startup that’s a mashup of Instagram and Pinterest, is in talks to raise as much as $500 million at a valuation that could reach $6 billion, said four people familiar with the matter. The talks defy a slowdown in technology funding deals in China. 

A social media and online retailing startup that lets users post reviews and recommendations, and make purchases, Xiahongshu is holding discussions with potential investors including SoftBank’s Vision Fund, Sequoia Capital China and Hillhouse Capital, the people said. The potential valuation would be double that of its last funding round, though the deal hasn’t yet closed and terms could still change. Existing backers include Chinese internet giants Alibaba and Tencent, and venture capitalists including GGV Capital and Genesis Capital. Xiaohongshu denied it was raising money.

Get access to exclusive coverage
Read deeply reported stories from the largest newsroom in tech.
Latest Articles
 
The Takeaway Media/Telecom
The Next Big News Disruption
Anyone who works in media—and especially in news—can feel the change. Everything about this business, from the editorial content to the talent to the (restless) energy of virtual newsrooms, is growing more intense.The pandemic is obviously a big part of the story. But there’s something bigger going on: a new phase of disruption as powerful as the last—if not more powerful. The last sea...
Latest Briefs
 
Splunk Adopts Permanent Remote Work Policy
New Software Platform The Archivist Raises $2 Million From Ashton Kutcher, Edward Norton
Ant Group Looks to Revamp Healthcare Service Amid Beijing’s Crackdown
Stay in the know
Receive a summary of the day's top tech news—distilled into one email.
Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
Org Charts Google
At Booming Google, Search Chief Gives More Love to Product Managers
Even as Google’s business booms and hiring accelerates, senior leaders have made changes to the unit housing its biggest moneymakers—web search and advertising.
Photos by Bloomberg; Illustration by Mike Sullivan
Exclusive Facebook
Zuckerberg’s Plan to Repair Facebook’s Image: More Zuckerberg
During a companywide Q&A with Facebook employees last Thursday, CEO Mark Zuckerberg turned to a question about a recent uptick in posts on his Facebook page, including a joke he made referencing the actor Vin Diesel a few days prior.
Photo: Bloomberg
Opinion Venture Capital Startups
Why the Smart Money Is Headed to Europe
For years, Europe has run a distant second to the U.S. when it comes to creating and supporting tech startups.
Branded president Michael Ronen. Photo provided by Branded
The Big Interview Venture Capital Startups
Branded Joins Frenzy of Startups Acquiring Amazon Merchants, Finds Profits
Michael Ronen recently learned more than he ever thought he’d know about soap. Ronen runs Branded, a startup that buys up successful small businesses who sell their wares on Amazon.
Data Point
Inside Rounds Hit Record $30 Billion as Investors Double Down
Venture capitalists may be getting too comfortable with marking up their own portfolios. The number of inside rounds, or VC deals in which only a startup’s previous investors participate, reached a high of over 1,000 in the U.S.
Didi’s offices in Hangzhou, China. Photo: Bloomberg
Exclusive Asia E-commerce
China’s Ride-Hailing Giant Didi Plans Separate IPO of Grocery Business
Didi Chuxing, a Chinese ride-hailing giant that plans to go public in New York this summer, is already making plans to spin off its newly created grocery-delivery service a year or two after the initial public offering.