Chinese news-aggregator Beijing Bytedance Technology equity-fundraising round which could potentially value the behemoth at $75 billion, will catapult the firm to the second most valued unicorn in the world. Notably, the company aims to raise around $3 billion, according to media reports. Interestingly, a valuation of $75 billion would make Bytedance’s value surpass Uber’s valuation of $68 billion, and be bigger than the combined market capitalisation of Twitter ($26 billion) and Snap ($15.94 billion).
A recent Reuters report said citing sources that Beijing Bytedance Technology Co, which owns news aggregator Jinri Toutiao, aims to raise about $3 billion in its latest funding round that would see its valuation soar to as high as $75 billion. Founded by entrepreneur Zhang Yiming in 2012, Bytedance is targeting a valuation of between $70 billion and $75 billion in the latest fundraising, the report quoted unidentified sources as saying.
The feat would mean that Bytedance Technology will rise to become the second biggest unicorn. Interestingly, Ant Financial which commands a whopping $150 billion valuation will continue to retain the number one spot. Ant Financial commanded a valuation of $150 billion after it received funding in June this year.
Interestingly, Bytedance would become the world’s most valuable startup by eclipsing not only Travis Kalanick founded Uber, but also its Chinese ride-hailing rival Didi Chuxing at $56 billion, Bloomberg reported citing CB Insights data. Notably, while Ant Financial, an affiliate of Jack Ma-run Alibaba Group Holding Ltd., commands a valuation of $150 billion, CB Insights doesn’t count them as a startup unicorn, the Bloomberg report clarified.
The China based Bytedance’s Toutiao app uses AI technology (Artificial Intelligence) to serve users a steady diet of personalized content and it has branched out to include a fast-growing short-video clip service called Douyin, known as Tik Tok abroad, with 500 million monthly active users, reported the agency.