The online retailer is in talks with potential investors including General Atlantic to raise about USD 1 billion. Achieving the USD 100 billion mark would make it the third most valuable startup in the world, after ByteDance and SpaceX, according to data provider CB Insights.
Deliberations are ongoing and details such as the size of the fundraising and valuation could still change. The company has grown thanks to a combination of supply-chain savvy, data-driven clothing design, and tax loopholes in the US and China that came to the fore during the trade war. In 2021 it overtook Amazon.com in downloads of shopping apps on US stores.
The company has operations in China, Singapore, and the US, according to a recent press release. It offers more than 600,000 items to customers in over 150 countries. The startup’s backers include Tiger Global Management, IDG, and Sequoia.
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