(Yicai Global) June 1 -- China's social e-commerce platform and sharing community Xiaohongshu run by Shanghai Xingin Information Technology raised USD300 million in a new round of funding, which brings the unicorn's estimated valuation to USD3 billion, according to a company statement today.
Alibaba Group Holding led this round of financing, followed by GSR Ventures Management, Tencent Investment and GGV Capital, among others, online news outlet Jiamian reported.
Xiaohongshu, which means Little Red Book in Chinese, or commonly referred to as Red, helps users find and buy luxury goods from overseas, exchange fashion ideas and share shopping tips.
The operator of Xiaohongshu will use the new funds to expand and upgrade the platform's infrastructure for algorithm-based distribution to achieve steady increase in the number of users, bring in new personnel and improve its technology, it said.
Xiaohongshu raised USD100 million in its previous round of financing led by Tencent in March 2016. Founded in 2013, the platform claims to have 30 million monthly active users.
Editor: Mevlut Katik