In early January, one of the early investors in Pinduoduo, a young Shanghai-based ecommerce company, received a phone call from an executive at SoftBank. The powerful Japanese group, with about $270bn in its various pockets, wanted to invest in the start-up.
The app had begun to take off in China. If users perusing Pinduoduo find products they like and can induce others to buy the same item, they all receive substantial discounts.
The service thus combines two local two passions: shopping and securing bargains. It is especially popular in third and fourth tier cities — existing investors say they consider it a bet on rising incomes in lower tier urban areas, where users prefer value to brand.
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