China-based discount e-commerce startup Pinduoduo has raised US$1.63 billion via its initial public offering (IPO) on Nasdaq. The company sold 85.6 million American Depository Shares for US$19.00 per share, valuing the company at US$33 billion. Pinduoduo is backed by China-based technology conglomerate Tencent Holdings and venture capital fund managers Sequoia Capital, IDG Capital, Gaorong Capital and New Horizon Capital.