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Pinduoduo

Chinese online retailer Pinduoduo

Pinduoduo Inc. is a major player in the Chinese e-commerce market, particularly in the traditional agriculture sector. In 2021, the company achieved a remarkable gross merchandise value of RMB 2.44 trillion. Pinduoduo is under the umbrella of PDD Holdings, which also operates the U.S.-based online marketplace Temu.

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Timeline

Jack Ma Introduces Alibaba in San Francisco Conference

In 2006, at a conference in San Francisco, Jack Ma, the founder of Alibaba, introduced the company to a crowd, which eventually went on to dominate China's e-commerce market, challenging the American e-commerce giant, Amazon.

Founding of Pinduoduo

Pinduoduo is a Chinese firm that was founded in 2015. The platform and mobile app expanded to the UK in 2023, as well as in Spain, Italy, France, and the Netherlands.

Founding of Pinduoduo

Pinduoduo was founded in September 2015 by Colin Huang, who aimed to combine the success recipe of Alibaba and Tencent, the two Chinese internet giants known for their e-commerce and gaming/social dominance.

Pinduoduo Shifts Focus to Group Buying and Social Commerce

In 2016, Pinduoduo shifted its focus to group buying and social commerce, enabling users to team up with friends and family to avail discounts on products by purchasing in bulk.

Protest by Store Owners

In June 2017, fourteen store owners protested under Pinduoduo's office building, alleging improper product-quality checks and claiming that the company's decisions and punishments were unjust. This event highlighted the friction between Pinduoduo and its merchants.

Pinduoduo Surpassed JD in Key Metrics

In the third quarter of 2017, Pinduoduo surpassed JD in weekly active rate, penetration rate, and open rate of its app. This marked a significant turning point for Pinduoduo, demonstrating its rapid growth and increasing market dominance.

Pinduoduo dubbed as the fastest-growing internet firm in the world

In 2018, Pinduoduo was recognized by Goldman Sachs as the fastest-growing internet firm globally due to its rapid user growth.

Pinduoduo investigates and shuts down stores

Pinduoduo investigated and shut down stores and removed listings that violated its platform policy against pornography and violence in June 2018, demonstrating its commitment to maintaining a safe and ethical online marketplace.

Pinduoduo Founded by Colin Huang

In July 2018, Pinduoduo was founded by Colin Huang, a former Google employee, as the fourth startup of his career. This event marked the beginning of Pinduoduo's journey in the e-commerce industry.

Pinduoduo reports theft by hackers

Pinduoduo reported theft by hackers who exploited a loophole in its system and stole tens of millions of Yuan worth of vouchers in January 2019, highlighting the cybersecurity challenges faced by online retailers.

Pinduoduo Attains $15 Billion GMV

In December 2019, Pinduoduo achieved a Gross Merchandise Volume (GMV) of $15 billion, marking a significant milestone in its rapid growth as an e-commerce startup in China.

Pinduoduo launches Duo Duo Maicai

In August 2020, Pinduoduo launched Duo Duo Maicai, a service enabling consumers to preorder groceries for pickup at designated locations, enhancing convenience for its customers.

Colin Huang resigns as chairman of Pinduoduo

Colin Huang, the founder of Pinduoduo, resigned as chairman of the Chinese e-commerce company, causing concern among investors. This sudden decision came amid a period of uncertainty for China's internet firms as the government seeks to regulate the sector.

Pinduoduo surpasses Alibaba in annual active users

On March 17, 2021, Pinduoduo achieved a significant milestone by surpassing Alibaba in terms of annual active users for the first time in its history. This marked a major achievement for the firm.

Pinduoduo’s founder leaves

The founder of Pinduoduo, a Chinese e-commerce giant, steps down as the company experiences significant growth.

Pinduoduo's Customer Growth Milestone

On July 8, 2021, Pinduoduo celebrated reaching 824 million customers within just six years, surpassing the largest incumbent in the industry and becoming the fastest-growing consumer platform.

Shanghai court dismisses lawsuit against Pinduoduo

On 5 July 2022, a Shanghai court dismissed a local resident's lawsuit accusing Pinduoduo of cheating in a promotional event, indicating the resolution of a legal dispute involving the company.

Establishment of Pinduoduo by Colin Huang

On December 20, 2023, Pinduoduo, meaning 'together, more savings,' was established by Colin Huang, a former Google employee and the founder of multiple startups. The company initially focused on selling cheap fresh groceries and expanded into other product categories.

Pinduoduo's Rapid Rise to Nasdaq

Founded in 2015, Pinduoduo achieved a miraculous rise, taking two years and ten months to hit Nasdaq, making it one of the fastest IPOs. This event occurred on January 10, 2024.

Pinduoduo's Market Cap Equal to JD.com

Pinduoduo's $40+ billion market cap is now equal to JD.com, marking a significant achievement in the e-commerce industry. With 366 million monthly users and 536 annual active buyers, Pinduoduo has become a major player in the Chinese market.

Pinduoduo's projected total chain retail sales

Pinduoduo is projected to achieve a total chain retail sales of 806.1 billion USD by 2027, positioning itself as one of the leading retailers globally.

End of the Timeline
Pinduoduo

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