Whatnot Revenue, Valuation, Funding & Investors

Kuaishou Technology is a social media platform where users create, watch, and share short-form videos. Approximately half of the company’s revenue comes from advertising. Additionally, Kuaishou generates revenue through livestreaming, where fans purchase virtual gifts to tip hosts. The platform also features livestreaming e-commerce, enabling users to buy products showcased in videos, with Kuaishou earning a commission on each transaction. Kuaishou’s primary competitors are ByteDance’s Douyin and Tencent’s Video Accounts. Notably, Tencent owns a 16% stake in Kuaishou.

Allegro is a large Polish holding company with a suite of complementary online retail properties including Ceneo (price comparisons), EBilet (live events tickets), We|Do (courier services), and the Mall Group (online and offline retail in adjacent Central European markets). The firm is best known for its eponymous e-commerce marketplace, which generates predominantly third-party product sales across the home and garden, electronics, health and beauty, automotive, and supermarket categories. The operator boasts 45% to 50% share of the Polish e-commerce market by GMV, per our calculations and PWC data, and has built out a suite of ecosystem functionality that includes financial, logistics, and advertising services.

Naspers Ltd is an Internet and entertainment group and technology investor in the world. Operating in more than 120 countries and markets with long-term growth potential, Naspers builds companies that empower people and enrich communities. It runs some of the platforms in the internet, video entertainment, and media. Naspers operates in various sectors including online classifieds, food delivery, payments, travel, education, health, and social and internet platforms. People use products and services of companies that Naspers has invested in, acquired, or built, including Azos, PharmEasy, ElasticRun, Alwans, and Vegrow among others. Geographically, the company derives maximum revenue from Europe and the rest from Asia, Africa, Latin America, North America, and other regions.

Pinterest is a social media platform with a focus on product and idea discovery. Pinterest users, or pinners, can leverage the platform as they go about gathering ideas on topics such as home improvement, fashion, cooking, and travel. The company has more than 500 million monthly active users, two thirds of whom are female. Pinterest generates revenue by selling digital ads on its platform. While the platform’s user base spans the globe, the vast majority of its revenue stems from ads shown to North American users.

Lalamove is a logistics platform operating in 21 markets across Asia and Latin America since its 2013 launch in Hong Kong as EasyVan. The service connects customers with driver-partners for deliveries completed in 55 minutes on average, matching in 12 seconds.

Meesho Ltd is a technology platform that integrates commerce, logistics, and content creation to support e-commerce activities under the Meesho brand. The Company also provides digital financial services by facilitating financing arrangements between non-banking financial companies and sellers to support access to credit, and it operates a supply-chain service for the delivery of groceries and other products. The Company operates through the Marketplace segment, which is a technology platform connecting consumers, sellers, logistics partners, and content creators, and the New Initiatives segment, which includes a low-cost local logistics network for daily essentials and a digital financial services platform. The majority of the Company's revenue is generated from the Marketplace segment.

The CrownX is Masan Group's integrated consumer and retail platform in Vietnam. It combines the country's largest modern grocery network (WinCommerce) with a top FMCG manufacturer (Masan Consumer Holdings). Its mission is to build an omnichannel "Point of Life" ecosystem for daily essential and financial services. The CrownX consolidates several key Masan subsidiaries to capture a large share of the Vietnamese consumer wallet.

EBay operates one of the largest e-commerce marketplaces in the world, with $79.6 billion in 2025 gross merchandise volume, rendering the firm a top 10 global e-commerce company. It generates sales from listing fees, advertising, revenue-sharing arrangements with service providers, and managed payments, with its platform connecting about 135 million buyers and roughly 20 million sellers across almost 190 global markets at the end of 2025. EBay generates just north of 50% of its GMV in international markets, with a large presence in the UK, Germany, and Australia.

Snapdeal is an e-commerce marketplace offering deals on electronics, fashion, home appliances, and daily essentials across India. New Delhi-headquartered and launched in 2010, the platform leads in categories like watches, eyewear, and jewelry according to industry surveys. Snapdeal serves millions of customers through its app and website, backed by investors including Nexus Venture Partners and Bessemer Venture Partners.

Sea started as a gaming business, Garena, but in 2015 expanded into e-commerce. Sea operates Southeast Asia's largest e-commerce company, Shopee, in terms of gross merchandise value. Shopee is a hybrid C2C and B2C marketplace platform operating in Indonesia, Taiwan, Vietnam, Thailand, Malaysia, the Philippines, and Brazil. For Garena, Free Fire is the key revenue generating game. Sea’s third business, SeaMoney, provides lending, payment, digital banking, and insurance services.As of March 31, 2025, Forrest Xiaodong Li, the founder, chairman and CEO, owned 59.1% of voting power. Tencent owned 18.5% of issued shares with no voting power.

Prosus is a consumer internet group with listed and unlisted platforms across 100 countries. Around 80% of Prosus’ net asset value is derived from its Tencent holdings, the world’s largest game publisher and operator of WeChat, China’s super app with 1.3 billion users. Prosus has approximately a 23% stake in Tencent. The rest of the group’s businesses and investments are organized into classifieds, food delivery, payments and fintech, and edtech. This includes ownership of iFood, Brazil’s largest food delivery app, and a 25% stake in Swiggy, the second-largest delivery platform in India.In 2019, Prosus was spun out of South Africa-based parent company Naspers Ltd and listed on the Euronext exchange. Naspers holds approximately 75% of Prosus’ shares.

MercadoLibre runs the largest e-commerce marketplace in Latin America, with about 150 million active users and more than 600 million active listings across 18 countries stitching into its commerce network or fintech solutions when last reported. The company operates a host of complementary businesses to its core online shop, with shipping solutions (Mercado Envios), a payment and financing operation (Mercado Pago and Mercado Credito), advertisements (Mercado Clics), classifieds, and a turnkey e-commerce solution (Mercado Shops) rounding out its arsenal. MercadoLibre generates revenue from final value fees, advertising royalties, payment processing, insertion fees, subscription fees, and interest income from consumer and small-business lending.

Collectors is a Newport Beach-headquartered authentication firm operating PSA for trading cards, PCGS for coins, and WATA for video games, grading 10 million items annually. It runs Goldin Auctions marketplace with $1 billion in sales since 2021, serving collectors via online submissions and events. Partnerships include Fanatics for eBay integration. Founded in 2021 through merger, Collectors employs 1,000 staff across California and New Jersey.

Houzz is a Palo Alto-headquartered online marketplace for home design and remodeling that links homeowners with design professionals worldwide. The platform hosts the world's largest residential design image gallery, where users browse ideas, purchase furnishings from vendor shops, and hire architects, interior designers, and contractors. Houzz maintains offices in London, Berlin, Sydney, Moscow, Bangalore, Tel Aviv, and Tokyo to support its global community of homeowners and over one million professionals.

PDD Holdings operates commerce businesses in over 80 countries globally. Its main operations are Pinduoduo, a social commerce platform in China, and Temu, a global e-commerce marketplace. PDD also has a community group purchase business in China. PDD has built a network of sourcing, logistics, and fulfillment capabilities that support its underlying businesses.

Flutterwave is a Lagos-based payment infrastructure provider serving merchants, fintechs, and enterprises across Africa. The company processes transactions via cards, bank transfers, mobile money, USSD, and QR codes in over 30 countries including Nigeria, Kenya, Ghana, and South Africa. Flutterwave delivers APIs for payment acceptance, payouts, and virtual cards through products like Send, Collect, and Rave. Partnerships with Visa, PayPal, and banks like Zenith enable cross-border payments and e-commerce solutions for businesses such as Jumia and Konga.

KK Group is a Chinese online-to-offline marketplace for imported consumer goods. Shanghai-based, the platform connects mobile shoppers to physical stores in Europe and the US for duty-free purchases of luxury bags, cosmetics, and electronics. Launched in 2015, it fulfills orders via global logistics partners and serves 5 million users through its app.

Paytm Mall is the e-commerce marketplace arm of Noida-based One97 Communications, operating online and via mobile app for consumer goods in India. Launched in 2017, it features cashback deals, seller financing, and logistics through Paytm's network, serving fashion, electronics, and groceries with same-day delivery in major cities.