Group buying service Xingsheng Youxuan raised the money at a $5bn valuation and has reportedly secured upwards of $1.8bn in the past 18 months.
Internet group Tencent has invested $100m in China-based community buying platform developer Xingsheng Youxuan at a valuation of roughly $5bn, Bloomberg has reported, citing people familiar with the matter.
Xingsheng Youxuan operates an e-commerce platform that enables users to band together with others in the same neighbourhood to buy goods in bulk.
The company is in discussions with other prospective investors including video streaming platform developer Kuaishou to raise additonal capital, the sources told Bloomberg.
Tencent’s investment comes weeks after…
