Ximalaya FM Acquisition, Valuation, Funding & Investors
Ximalaya FM was acquired by Tencent Music Entertainment for $2.9B in June 2025, a 3.3x multiple on $868M of revenue.
Ximalaya FM revenue at acquisition
$868M
Last twelve months · Jun 2025
Ximalaya FM revenue multiple at acquisition
3.3x
EV/Revenue · Jun 2025
Cumulative funding Ximalaya FM raised
$2B
across 10 funding rounds
About Ximalaya FM
Ximalaya FM is China's premier online audio sharing platform operated by Shanghai Ximalaya Network Technology Co., Ltd. The service allows users to create personal radio stations, share voice content, podcasts, audiobooks, and music through its flagship Ximalaya app launched in 2013. Headquartered in Shanghai with presence across Asia, the platform hosts thousands of certified audio creators and hundreds of thousands of established channels. It attracts millions of daily active users and secured Series A funding in 2014 before listing on the Hong Kong Stock Exchange in 2021.
Founded
2012
HQ
ShanghaiWebsite
Status
Acquired
Customer focus
B2C
Revenue model
Advertising, Subscription
Revenue
$180M (Mar 2019)
Valuation
$3.5B (Mar 2019)
Ximalaya FM Acquisition
Ximalaya FM was acquired by Tencent Music Entertainment for $2.9B on 10 June 2025.
The acquisition price implies a 3.3x revenue multiple on $868M of revenue.
Before the acquisition Ximalaya FM had raised $2B across 10 funding rounds.
Ximalaya Inc. operates one of China's leading online audio platforms, offering podcasts, audiobooks, and other spoken content to 303 million monthly active users as of 2023. It had filed for an IPO in 2021 but delayed plans amid slowing revenue growth from over 40% in 2021 to under 2% recently, while turning profitable in 2023. Existing shareholders include Tencent Holdings, Baidu, and Sony Music Entertainment. Tencent Music Entertainment Group (TME), China's largest online music platform by user count operating QQ Music, Kugou, and Kuwo with 555 million monthly active users, announced on June 10, 2025, its acquisition of Ximalaya via a merger agreement, making it a wholly-owned subsidiary upon closing. The deal is valued at $2.4 billion, comprising $1.26 billion in cash and Class A ordinary shares up to 5.2% of TME's total outstanding shares, plus up to 0.37% additional shares for Ximalaya's founding shareholders in tranches post-closing. Subject to regulatory approvals including Chinese antitrust review, the transaction involves Ximalaya restructuring certain businesses while maintaining brand, operational autonomy, core management, and strategic direction, with commitments to honor partner contracts and protect user rights. Legal counsel included Conyers for Cayman Islands matters and Baker McKenzie FenXun. Strategically, the acquisition bolsters TME's position in China's competitive digital audio market against rivals like Qingting FM, NetEase Music, and ByteDance's Tomato Novel, expanding into podcasts and audiobooks to counter global players like Spotify and revive momentum after closing its own podcast platform Penguin FM. It enables content diversification, technological synergies including Ximalaya's AI tools like the Everest AI model and voice assistants Xiaoya and Bobo, and enhanced user experiences in the evolving 'ear economy' amid short-video dominance.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 10 Jun 2025 | Strategic M&A | $2.9B | 3.3x |
Ximalaya FM Valuation
Ximalaya FM is currently valued at $3.5B, based on its undisclosed-stage round in March 2019.
The $740M round included Puhua Capital, Hermitage Capital, Advantech Capital, FinTrek Capital, Grand Everlasting LP and 7 other investors.
Ximalaya FM's valuation has moved from $3.5B at its undisclosed-stage round in August 2018 to $3.5B in March 2019, across 3 priced rounds.
Ximalaya FM valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Mar 2019 | Undisclosed stage | $3.5B | 19.3x |
| Mar 2019 | Undisclosed stage | $24B | 133.3x |
| Aug 2018 | Undisclosed stage | $3.5B | - |
Ximalaya FM Revenue
Ximalaya FM's latest recorded revenue is $180M, as of its undisclosed-stage round in March 2019. At a $3.5B valuation, that implies a 19.3x revenue multiple.
Revenue moved from $180M in March 2019 to $180M in March 2019, while the revenue multiple moved from 133.3x to 19.3x.
Ximalaya FM revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Mar 2019 | $180M | $3.5B | 19.3x | Undisclosed stage |
| Mar 2019 | $180M | $24B | 133.3x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Ximalaya FM Funding History
Ximalaya FM has raised a total of $2B across 10 funding rounds.
Ximalaya FM's first fundraising round was a $12M Series A in May 2014. The most recent completed round was a $90M Series E in February 2021.
Ximalaya FM funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2021 | Series E | Touch Sound; China Literature; Eagle Power Enterprises; Image Frame Investment; Shanghai Jingsui Info Tech Partnership; Xima Holdings | $90M | - | Ximalaya FM is China's leading online audio platform, offering content such as audio dramas, live streaming, education programs, and audio comics. Founded in 2012, it has raised nearly RMB 10 billion across 12 funding rounds from investors including Xiaomi, Baidu, General Atlantic, Goldman Sachs, and Tencent. The company attempted a US IPO in 2021 targeting a $5 billion valuation but failed, with earlier valuations reaching $1.52 billion in 2017 and $4.3 billion post-2020 E4 round. In 2021, Ximalaya reported revenue of 5.857 billion yuan, growing 43.7% year-over-year, though growth slowed to 6.163 billion yuan by 2023. Revenue sources include content payments, advertising, hardware sales, and copyrights, with subscription strategies driving paid user growth since 2019. The platform achieved profitability in Q4 2022 after years of losses, supported by cost reductions like revenue sharing which comprised 60% of 2021Q1 operating costs. Later, Ximalaya was fully acquired by Tencent Music in 2025 for approximately $2.9 billion (20 billion yuan), a discount to its 2021 peak IPO valuation targets of $5-10 billion, with the deal valuing it at 3.1 times 2023 revenue. |
| Aug 2020 | Series E | UP Sources; Trustbridge Partners; Advantech Capital; Sony Music Entertainment; General Atlantic; China Internet Investment Fund; Green Pine Capital Partners | $355M | - | Ximalaya FM is a leading Chinese online audio platform offering digital audio content including podcasts, books, and music. The company raised funds across multiple rounds prior to its U.S. IPO attempts, accumulating nearly RMB 10 billion (about USD 1.4 billion) from investors like Xiaomi, Baidu, General Atlantic, Goldman Sachs, and Tencent. The specific Series round around August 2020 involving Advantech Capital, China Internet Investment Fund, General Atlantic, Green Pine Capital Partners, Sony Music Entertainment, Trustbridge Partners, and UP Sources reportedly raised $355 million. In 2020, Ximalaya reported operating income of 4.05 billion yuan (USD 628 million), reflecting over 50% year-on-year growth, as disclosed in its IPO prospectus. Earlier rounds had valuations like $1.52 billion post-money in a September 2017 Series D and references to a RMB 4 billion raise at RMB 24 billion valuation in another context. Ximalaya faced challenges with four failed U.S. IPO attempts, peaking at a $5 billion valuation in 2021, before being acquired by Tencent Music Entertainment in 2025 for nearly USD 2.9 billion (20 billion yuan), a discount to prior highs. The acquisition involved $1.26 billion cash plus shares, with founder Yu Jianjun once aiming for up to $10 billion valuation. |
| Mar 2019 | Undisclosed stage | Puhua Capital; Hermitage Capital; Advantech Capital; FinTrek Capital; Grand Everlasting LP; General Atlantic; Linden Audio Kingdom; TAL Education; Image Frame Investment; Light Fund Speed I Manager; Broad Street Equity Investments Europe; TALPOLY LP | $740M | $3.5B | Ximalaya FM, China's leading online audio streaming platform offering podcasts, audiobooks, and user-generated content, closed a RMB 4 billion (US$580.62 million) financing round in 2019 ahead of a planned Hong Kong IPO. The post-money valuation reached RMB 24 billion ($3.48 billion), with participation from investors including General Atlantic, consistent with the query's listed backers, though sources also mention Tencent and Goldman Sachs. At the time, Ximalaya reported over 470 million users and 5 million anchors, with 40 million registered users and 6 million daily active users as of early 2018. It had launched paid content, onboarding 3,000 professionals and achieving average revenue per user above RMB 90. The platform led in weekly active user penetration rate among Chinese audio apps. The funding supported VIE structure reconstruction for the H2 2019 IPO and expansion into hardware and diversified audio services, with partnerships including BMW, Ford, and smart device makers. |
| Mar 2019 | Undisclosed stage | Tianjin Jinxing Venture Capital; Shanghai Youliang Investment Management Center; Shenzhen Qianhai Xingwang Investment; Shanghai Chongdu Info Tech Partnership; Zendai Hima Investment Fund; Shanghai Puchong Huaxi Information Technology Partnership; Shanghai Chuangsi Info Tech Partnership; Whales Splendor Investment; Shanghai Jingjiang Info Tech Partnership; Red Eagle | $83M | - | Ximalaya FM is China's leading online audio streaming platform, offering user-generated and professional content like podcasts across 20 categories, with over 470 million users and 5 million anchors as of 2019. It reported 40 million registered users and 6 million daily active users in January 2018, achieving a 5.12% weekly active penetration rate, surpassing competitors like Qingting FM. The platform monetizes through paid content columns, onboarding over 3,000 professionals and reaching an ARPU above RMB 90 in 2018. Traction metrics include strong user growth and market leadership in audio penetration. |
| Mar 2019 | Undisclosed stage | ZendaiFM LP; Touch Sound; Eternity Group; Sound Spread; Fly Sky; Kongzong Investment; TAL Education; Bright Venture Capital; China Literature; Xima Holdings; Audio World; Shanghai Puchong Huaxi Information Technology | $40M | $24B | Ximalaya FM, China's major online audio streaming platform, closed an RMB 4 billion (US$580.62 million) financing round ahead of a planned 2019 Hong Kong IPO, bringing its valuation to RMB 24 billion ($3.48 billion). Ximalaya FM, launched six years prior, was China's largest online audio service by weekly active penetration rate, with over 470 million users and 5 million anchors offering 20 content categories. As of January 2018, it had 40 million registered users, 6 million daily active users, and 10,000 daily PGC uploads; it monetized via paid-content columns with over 3,000 professionals, achieving ARPU above RMB 90. In Q2 2017, its weekly active user penetration was 1.195%, surpassing Qingting FM (0.468%) and Irts FM (0.323%); by January 2018, penetration reached 5.12% vs. Qingting FM's 2.29%. Other results mention a September 2017 valuation of $1,517.06 million, August 2018 valuation of RMB 24 billion (~$3.4 billion), total funding of $70.59 million over 8 rounds with latest Private Equity on September 4, 2018, and a recent acquisition valuing it at $2.7 billion or 3.1x 2023 revenue. |
| Aug 2018 | Undisclosed stage | Tencent; Goldman Sachs; General Atlantic | $581M | $3.5B | Ximalaya FM is a China-based online audio streaming platform founded in 2012, operating a repository for audio content including podcasts, radio shows, music, and information. It had partnerships with carmakers like BMW and Ford for in-vehicle entertainment, and smart device makers such as Haier, Skyworth, and Midea. As of January 2018, it reported over 40 million registered users, with 6 million daily active users. In August 2018, Ximalaya completed a RMB4bn ($580m) funding round led by Tencent, with participation from Goldman Sachs and General Atlantic, valuing the company at approximately $3.5 billion post-money. The round preceded plans for a Hong Kong IPO in the second half of 2019 to expand into diversified audio services and hardware production. Previous funding included $11.5m Series A in 2014 from SIG China, Sierra Ventures, and Kleiner Perkins, $50m Series B later that year, and investments from China Literature in 2015, among others like China Creation Ventures, WestSummit Capital, and China Broadband Capital. |
| Jun 2016 | Series C | Qingdao Citymedia Co (lead); Puhua Capital; FX Capital; Xiaomi; CVCC Zhongshi Capital; Shenzhen Qianhai Xingwang Investment; Bright Venture Capital; JD Digits; Pagoda Investment; Kaipan Assets | $60M | - | Ximalaya FM, a leading Chinese online audio platform offering podcasts, audiobooks, music, and radio, raised funds in multiple rounds totaling $70.59M across 8 fundings. The specified Series C round on June 14, 2016, led by Qingdao Citymedia Co with investors including Bright Venture Capital, CVCC Zhongshi Capital, FX Capital, JD Digits, Kaipan Assets, Pagoda Investment, Puhua Capital, Shenzhen Qianhai Xingwang Investment, and Xiaomi. A follow-on Series C - II occurred on December 15, 2016, while a later Series D in September 2017 carried a $1,517.06M valuation. The company grew rapidly post-2012 founding, reaching 100 million subscribers by around 2014 and holding nearly two-thirds of China's online audio market share by recent years per iiMedia Research. In 2016, it launched a paid-content segment to boost average revenue per user, amid a market where China's online audio revenue expanded from RMB1.6 billion in 2016 to RMB13.1 billion by 2020 at 69.4% CAGR per CIC data. Later developments include a September 2018 Private Equity round, over $700M total raised across nine rounds backed by Tencent, Baidu, Xiaomi, General Atlantic, Primavera Capital, and Sony Music Entertainment. Ximalaya achieved profitability with Q4 profit over 10 million yuan (~US$1.48M), five straight profitable quarters by end-2023 with 6.16 billion yuan (~US$857M) annual revenue, 224 million yuan net income, and 302M average monthly users; it was acquired by Tencent Music in a ~US$2.4B deal mixing cash and stock. |
| Jul 2015 | Strategic investment | China Literature (lead) | $2M | - | - |
| Nov 2014 | Series B | WestSummit Capital (lead); CBC Capital; Kleiner Perkins; Hanking Family Office; Sierra Ventures; SIG China (SIG Asia Investments) | $50M | - | Ximalaya FM is a China-based online audio streaming platform founded in 2012 that hosts podcasts, radio shows, and music content. The company had established partnerships with automakers BMW and Ford for in-vehicle entertainment and smart device manufacturers including Haier, Skyworth, and Midea. In 2014, Ximalaya raised approximately $11.5 million in Series A backed by SIG China, Sierra Ventures, and Kleiner Perkins Caufield & Byers. Later that same year, the company secured $50 million in Series B funding from investors including WestSummit Capital and other backers. The platform reported more than 40 million registered users as of January 2018, with 6 million daily active users. By 2018, Ximalaya had raised an additional RMB4 billion ($580 million) in a round led by Tencent, Goldman Sachs, and General Atlantic, which valued the company at approximately $3.5 billion post-money as it prepared for a planned Hong Kong IPO. |
| May 2014 | Series A | Kleiner Perkins (lead); Sierra Ventures; SIG China (SIG Asia Investments) | $12M | - | Ximalaya FM raised $11.5 million in a Series A funding round in 2014, backed by Kleiner Perkins, Sierra Ventures, and SIG China. The company, founded in 2012, operates as a Chinese podcast sharing service and online audio platform offering content such as news, music, talk shows, and podcast classes. At the time, it reported over 50 million activated users, more than 6,000 content creators, 240,000 channels, and 3 million audio tracks, with around 10,000 tracks uploaded daily. The platform positioned itself as China's version of SoundCloud, focusing on user-generated audio content. Revenue sources for similar services like competitors Kaola FM and Qingting FM included advertising and content rights reselling. Kleiner Perkins, also an investor in SoundCloud, led the round announced around the time of Twitter's interest in SoundCloud. Ximalaya later raised additional funds, including $50 million in Series B the same year and investments from China Literature in 2015, reaching a $3.48 billion valuation by 2018. |
Who has invested in Ximalaya FM?
55 investors have backed Ximalaya FM across its funding rounds, including General Atlantic, China Literature, Kleiner Perkins, Sierra Ventures, SIG China (SIG Asia Investments) and Puhua Capital.
Lead investors include Qingdao Citymedia Co, China Literature, WestSummit Capital and Kleiner Perkins.
Ximalaya FM Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 New York City, NY | 3 | Participant | Aug 2018 | |
| Beijing | 3 | Lead | Jul 2015 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Touch Sound | -- | 2 | Participant | Mar 2019 |
| Hangzhou | 2 | Participant | Jun 2016 | |
| San Francisco, CA | 2 | Lead | May 2014 | |
 Hong Kong | 2 | Participant | Mar 2019 | |
| Shenzhen | 2 | Participant | Jun 2016 | |
| San Francisco, CA | 2 | Participant | May 2014 | |
| Beijing | 2 | Participant | Mar 2019 | |
| Shenzhen | 2 | Participant | Jun 2016 | |
| Image Frame Investment | Hong Kong | 2 | Participant | Mar 2019 |
| Xima Holdings | China | 2 | Participant | Mar 2019 |
| Guangzhou | 2 | Participant | May 2014 | |
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Start Free TrialInvestments by Ximalaya FM
Ximalaya FM has invested in 10 companies to date.
Latest investment by Ximalaya FM was on January 20th 2020. Ximalaya FM invested in Babel Novel in their $7M Series A round.
Latest Investments by Ximalaya FM
| Description | Babel Novel is a digital platform hosting novels across genres like romance, fantasy, and urban fiction in multiple languages including English, Chinese, and Spanish. Its mobile app functions as a personalized library with reading lists, offline downloads, and daily update notifications. Available on iOS and Android, the service features over 10,000 titles from independent authors and serialized web novels updated weekly. | Zhang Defen Space is a Shanghai-based platform for spiritual growth content and community building. The service offers audio programs, video courses, live interactive broadcasts, and educational materials covering personal development, arts, and lifestyle topics for users across China. | Himalaya Media is a podcast platform and production studio that equips creators with tools for audio content distribution and monetization. Through its app and services, it connects podcasters to audiences via production support, marketing campaigns, and organic growth features, fostering a network for podcast enthusiasts worldwide. | Yuanding is a Beijing-based SaaS provider for K-12 classroom management via WeChat service accounts and mini-programs. The 17Smile platform enables teachers to handle attendance, homework distribution, parent communications, and grading for classes up to 60 students. It serves 1,000 schools in northern China, reducing administrative time by streamlining notifications and reports. | |
| HQ Country | | | | | |
| HQ City | Beijing | Beijing | San Francisco, CA | Beijing | |
| Deal Date | 20 Jan 2020 | 9 Mar 2019 | 6 Feb 2019 | 22 Oct 2018 | |
| Round | Series A | Series A | Undisclosed stage | Series A | |
| Raised | $7M | $2M | $100M | $3M | |
| Investors | - | - | Susquehanna International Group | Zhizhuo Capital; GSR Ventures; Fosun RZ Capital | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Ximalaya FM Competitors
Ximalaya FM competitors include listed companies like RUM Group and News Corp, and private ones like RIDI, Kuaikan Manhua, NewsBreak and Pocket FM.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Seoul | Private | $157M | - | $1.3B | 8.3x | |
| Beijing | Private | $50M | - | $1.3B | 25.0x | |
| San Francisco, CA | Private | - | - | $1.1B | - | |
 India | Private | $150M | - | $750M | 5.0x | |
| United States | Publicly listed | $101M | ($78M) | $3.6B | 19.4x | |
| United States | Publicly listed | $9B | $1.5B | $17B | 2.0x |
Ximalaya FM Public Comps
Ximalaya FM is no longer listed, but its public comps include People.cn, People, Autohome, Trump Media & Technology Group, Kadokawa, RUM Group, NetEase Cloud Music, TX Group, Ziff Davis and Xinhuanet.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $309M | $57M | 8.3x | 8.5x | 44.8x | 42.4x | |||
| $2.4B | $122M | 1.3x | 1.6x | 25.4x | 11.3x | |||
| $962M | $171M | 0.0x | 0.0x | 0.0x | 0.0x | |||
| $4M | ($723M) | 673.6x | - | (3.4x) | - | |||
| $1.8B | $136M | 1.7x | 1.6x | 22.5x | 23.8x | |||
| $101M | ($78M) | 39.2x | 19.4x | (50.8x) | (70.5x) | |||
| $1.2B | $244M | 0.2x | 0.2x | 1.2x | 1.2x | |||
| $1.1B | $310M | 2.1x | 2.1x | 7.2x | 8.1x | |||
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Common questions about Ximalaya FM
| When was Ximalaya FM founded? | Ximalaya FM was founded in 2012. |
| Where is Ximalaya FM headquartered? | Ximalaya FM is headquartered in Shanghai, China. |
| Is Ximalaya FM publicly listed? | No, Ximalaya FM was acquired by Tencent Music Entertainment in June 2025. |
| Who acquired Ximalaya FM? | Ximalaya FM was acquired by Tencent Music Entertainment in June 2025. |
| How much was Ximalaya FM acquired for? | Ximalaya FM was acquired for $2.9B in June 2025, a 3.3x revenue multiple. |
| What is Ximalaya FM's valuation? | Ximalaya FM was last valued at $3.5B in its undisclosed-stage round in March 2019. |
| How much funding has Ximalaya FM raised? | Ximalaya FM has raised $2B across 10 funding rounds. |
| What was Ximalaya FM's last funding round? | Ximalaya FM's last funding round was a $90M Series E in February 2021. |
| Who are Ximalaya FM's investors? | Ximalaya FM's investors include General Atlantic, China Literature, Touch Sound, Puhua Capital, Kleiner Perkins, Advantech Capital, Shenzhen Qianhai Xingwang Investment, Sierra Ventures, TAL Education, Bright Venture Capital and 45 others. |
| What is Ximalaya FM's revenue? | Ximalaya FM's latest recorded revenue is $180M (March 2019). |
| What is Ximalaya FM's revenue multiple? | Ximalaya FM's latest valuation implies a 19.3x revenue multiple ($3.5B valuation on $180M of revenue). |
| Which companies are comparable to Ximalaya FM? | Companies comparable to Ximalaya FM include RIDI, Kuaikan Manhua, NewsBreak, Pocket FM, RUM Group and News Corp. |
| How many companies has Ximalaya FM invested in? | Ximalaya FM has invested in 10 companies, including Babel Novel, Zhang Defen Space, Himalaya Media, Yuanding, Yetan Finance, Alavening, YXT.com and Sleepace. |
| What was Ximalaya FM's last investment? | In January 2020, Ximalaya FM invested in Babel Novel's $7M Series A. |
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