China's social e-commerce app Xiaohongshu raises $500m

China's social e-commerce app Xiaohongshu raises $500m

Photo by Bruce Röttgers on Unsplash

Chinese social e-commerce app Xiaohongshu said it has raised a new round of financing from existing shareholders who increased their stakes in the firm, which a source familiar with the matter said valued the company as much as $20 billion.