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Ecommerce

Pinduoduo seeks to raise USD 1.5 bln to fund its expansion

Thursday 7 February 2019 | 01:50 PM CET

Pinduoduo has shared its plans to raise around USD 1.5 bln from Wall Street to fund its expansion.

According to Straits Times, the company, which is specialised in the sale of low-priced goods, allows users to participate at in-group purchases of everyday consumer goods, ultimately obtaining cheap prices.

Pinduoduo, with its social network features, encourages customers to associate with one another to obtain better prices through group sales.

The new funds would be used to expand its business operations, including potential investments and acquisitions.

More: Link
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