Xiaohongshu Valuation, Funding & Investors

Match Group Inc is a provider of online dating products. The company's portfolio of brands includes Tinder, Hinge, Match, Meetic, OkCupid, Pairs, Plenty Of Fish, Azar, BLK, and more, each built to increase its user's likelihood of connecting with others. The company has four operating segments: Tinder, Hinge, Evergreen and Emerging, and Match Group Asia. The company generates the majority of its revenue from the Tinder segment.

KE Holdings, or Beike, is a large residential real estate sales and rental brokerage company in China. Founded in 2001, the company operates through self-owned Lianjia stores in Beijing and Shanghai and connected third-party agencies, including franchise brand Deyou in other cities, with commissions charged on existing-home and new-home transactions. Leveraging an online-offline hybrid model, Beike also attract clients through its namesake online marketplace. The company tapped into home renovation services by acquiring Shengdu Home Decoration in 2022. As of the end of 2025, Beike’s co-founders collectively control the company, while Tencent and its affiliates share 8% of voting power.

News Corporation is a diversified media and information services conglomerate with significant presence in the US, the UK, and Australia. Key mastheads include The Wall Street Journal, Barron's, New York Post, The Times, The Sun, The Australian, Herald Sun, and The Daily Telegraph. Its 61%-owned REA Group is the dominant property listings platform in Australia. In addition, it owns Harper Collins, one of the largest book publishers in the world, and has a sizable US digital property advertising business, Move. The 65% interest in Foxtel, the Australian pay-TV and streaming provider, was sold in April 2025. The sale to global sports streaming platform, DAZN, was struck at more than 7 times Foxtel's EBITDA.

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.

DiDi Global Inc is a mobility technology platform that provides a range of mobility services as well as other services. It is building four key components of its platform that work together to improve the consumer experience: shared mobility; energy and vehicle services; electric mobility; and autonomous driving. It is a go-to brand in China for shared mobility, providing consumers with a range of safe, affordable, and convenient mobility services, including ride-hailing, taxi-hailing, chauffeur, hitch, and other forms of shared mobility. The company operates in three segments: China Mobility, which mainly includes ride-hailing services to riders, and also acts as an agent by connecting end-users to service providers who provide taxi hailing; International; and Other Initiatives.

Trip.com is the largest online travel agent in China and is positioned to benefit from the country's rising demand for higher-margin outbound travel as passport penetration is only 12% in China. The company generated about 79% of sales from accommodation reservations and transportation ticketing in 2024. The rest of revenue comes from package tours and corporate travel. Before the pandemic in 2019, the company generated 25% of revenue from international travel, which is important to its margin expansion. Most of sales come from its domestic platform, but the company is expanding its overseas business. The competes in a crowded OTA industry in China, including Meituan, Alibaba-backed Fliggy, Tongcheng, and Qunar. The company was founded in 1999 and listed on the Nasdaq in December 2003.

REA Group is a technology company operating in the real estate sector. REA Group’s primary business is an online listings platform for residential real estate, www.realestate.com.au, which is the largest residential real estate listings platform in Australia, at around 4 times the size of number two, www.domain.com.au. REA Group is majority-owned by News Corp. REA Group’s other businesses include adjacent markets and services, and investments in online listings platforms in India.

OpenSea is a leading peer-to-peer marketplace for non-fungible tokens and crypto collectibles on blockchains like Ethereum and Polygon. It supports trading of digital art, gaming items, virtual land, and domain names through smart contracts. New York-headquartered since its 2017 founding, OpenSea dominates the NFT sector with integrations for major wallets and collections.

Founded in 2011, Delivery Hero is an online delivery demand aggregator. The company is headquartered in Germany and operates in over 70 countries across Latin America, Asia, Europe, the Middle East, and Africa. Delivery Hero creates a marketplace for merchants to establish an online presence, market their offerings, and meet demand through delivery. Nearly half of Delivery Hero’s revenue is commission fees from merchants. Through its applications, which vary by region, customers can order meals, grocery items, pharmacy products, and retail goods. In addition, Delivery Hero operates Dmarts.

Zomato (legal name Eternal Ltd) is an online food service platform. The customers use the platform to search and discover restaurants, read and write customer-generated reviews and view and upload photos, order food delivery, book a table, and make payments while dining out at restaurants. It also provides a platform for Restaurant partners and Brands to advertise themselves to the target audience in India and abroad and supplies high-quality ingredients to Restaurant partners. Its reportable segments include India food ordering and delivery; Hyperpure supplies, Quick commerce business, Going Out, and All other segments. The company generates maximum revenue from the India food ordering and delivery segment.

Xingsheng Youxuan is a Changsha-based community shopping platform in China, founded in 2018. It operates through offline convenience stores offering online ordering and pickup for fresh vegetables, fruits, meat, poultry, seafood, staples, seasonings, and daily merchandise, fulfilling household needs via a hybrid retail model. Access the platform at www.xsyxsc.com.

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.

CoStar Group is a leading provider of commercial real estate data and marketplace listing platforms. Its data offering contains in-depth analytical information on over 5 million commercial real estate properties related to various subsectors spanning office, retail, hotels, multifamily, healthcare, industrial, self-storage, and data centers. It operates many well-respected brands such as CoStar Suite, LoopNet, Apartments.com, BizBuySell, and Lands of America, with more than 80% of its revenue classified as subscription-based. The company recently expanded its presence into Canada, the United Kingdom, Spain, and France.

Founded in 2012, Grab provides ride-sharing services, food and grocery delivery, and financial services (payments, consumer loans, and enterprise offerings) in eight Southeast-Asian countries through its mobile platform. The company partners with merchants and riders, connecting them with consumers while charging commission to both sides. Grab has a leading market share in and derives 89% of its revenue from its core businesses, ride-sharing and food delivery. Singapore, Indonesia, and Malaysia contributed more than 70% of revenue in 2024. Grab’s main competitors in Southeast Asia are Line Man and Goto. Its financial services business is still in its nascent stage and provides minimal revenue currently. The company now also generates advertising revenue.

Rocket Companies is a financial services company that was originally founded as Rock Financial in 1985 and is currently based in Detroit. Rocket Companies offers a wide array of services and products but is best known for its Rocket Mortgage business. The company’s mortgage lending operations are split between its direct-to-consumer lending, which sees borrowers accessing the company’s lending arm directly through either its mobile app or website, and its partner network where mortgage brokers and other firms use Rocket’s origination process to offer loans to their customers. The company has rapidly gained market share in recent years and will also be the largest mortgage servicer in the US following its acquisition of the Mr. Cooper Group.

Maplebear (Instacart) is a grocery-focused delivery marketplace that connects national and regional grocers with consumers and couriers, and consumers with their favorite stores. Its app provides on-demand convenience for consumers, allows couriers to earn income, and helps grocers to scale their business through digital channels. The marketplace gathers valuable consumer behavior data, attracting consumer-packaged-goods advertisers that seek to reach consumers at the point of purchase. With approximately 600,000 shoppers and 1,800 retail partners, Instacart delivers to about 98% of households in the United States and Canada.

Chehaoduo is a Beijing-headquartered used car trading platform operating as Guazi.com, facilitating direct sales between individual sellers and buyers across 400+ cities in China. Founded in 2015, it inspects vehicles at 1,300 detection centers, offering warranties up to five years and financing options. The company transacts over 500,000 vehicles annually, with branches in Hangzhou, Chongqing, and Chengdu.

Vilnius-headquartered Vinted runs a peer-to-peer online marketplace for second-hand fashion, active in 20 countries across Europe and the United States. The platform facilitates buying, selling, and swapping clothing, accessories, and shoes for women, men, and children via mobile apps with chat and bundle discounts. Valued at over 4 billion euros, Vinted processes tens of millions of listings monthly and partners with payment providers like PayPal for secure transactions.