Pinduoduo broke into China’s e-commerce scene by offering discounts, but buying its growth won’t come cheap.
China’s answer to Groupon, the three year-old company is looking to raise up to $1.6 billion—a sum that would peg its value at $21 billion—though an IPO on Nasdaq. Founded by an ex-Googler, Pinduoduo offers group discounts on consumer goods. Users spread word of the offers on WeChat, the country’s most popular social-media app.
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