2015
Pinhaohuo, Huang's 2015 fruit business, sold a couple of pounds of fruit for about five RMB, less than a dollar.
“I mean, this stuff is a couple pounds of fruit for like five RMB, which equates to less than a dollar.”
Topic
Pinduoduo
15 facts from 2 episodes, in date order. These are what speakers said on the shows, each linked to the moment it was said. They aren't independently verified.
2016
Pinduoduo's marketplace earned about $70 million in revenue by the end of 2016, even with its tiny commission.
“Literally by the end of 2016, they would do $70 million in revenue, not GMB, revenue with their tiny take rate”
2017
In February 2017 Tencent led a $110 million Series B investment in Pinduoduo.
“Tencent decides to essentially king make Pinduoduo here in this category. And this is such a strategically important category to them, as we've discussed, they lead a $110 million Series B in Pinduoduo.”
2017
Pinduoduo's revenue more than tripled to $278 million between 2016 and 2017.
“from 2016 to 2017, Pinduoduo over three X's their revenue to $278 million.”
2018
Pinduoduo went public in June 2018, less than three years after launching.
“they do go public in June of 2018, less than three years after the initial launch of the company and less than two years after the merger.”
2018
Pinduoduo raised $1.6 billion in its IPO and its stock rose about 40% on the first day.
“They raised $1.6 billion in the IPO. The stock popped 40% on day one.”
2018
Colin Huang owned 46.8% of Pinduoduo at its IPO.
“He still owned 46.8% of this company when it went public.”
2019
Pinduoduo had about $145 billion in gross merchandise value, per David Rosenthal.
“Now, if you compare that to where we are with Pinduoduo, they have $145 billion in GMV.”
2020
Pinduoduo has 490 million monthly active users and 630 million active buyers, according to David Rosenthal.
“Pinduoduo has 490 million monthly active users, so one and a half Americas worth of users. They actually have 630 million active buyers.”
Undated
David Rosenthal says JD.com recognizes about 28% of gross merchandise value as revenue, far above Pinduoduo's 0.6% marketplace fee.
“JD is 28% of GMV is recognized as net revenue. So revenue to the marketplace.”
Undated
On Pinduoduo the team-buying price is typically about 40% lower than the individual purchase price.
“which also happens to be at a price that is typically about 40% lower than the individual buying button.”
Undated
A Pinduoduo shopper is charged immediately but has 24 hours for the team to reach its minimum size, or the purchase does not complete.
“The transaction doesn't go through though. You have 24 hours to hit the minimum team size.”
Undated
About 233 million Pinduoduo users interact with it mainly through the WeChat mini program.
“They have 233 million users that interact primarily through the WeChat mini program, which is a fully featured Pinduoduo app.”
Undated
Pinduoduo's '10X rule' charges merchants ten times the value of goods as a penalty for fraud such as counterfeiting.
“PDD has what they call the 10X rule that the 10X, the value of the goods gets charged to the merchant as a penalty for committing fraud”
Undated
Pinduoduo CEO Chen Lei has said that in agricultural e-commerce the costly part is the first mile from farm to warehouse, not the last mile.
“the Pindoduo CEO, Chen Lei, has actually said in agricultural e-commerce, it's not the last mile that's expensive. It's the first mile.”
Episodes