Chinese news aggregator Toutiao is raising at least $2 billion at a valuation of over $20 billion in its latest funding round, reported Reuters. Backed by Sequoia Capital and CCB International, Toutiao is raising funds at a valuation of more than homegrown firms Flipkart and PayTM.

It was earlier reported that Flipkart has become the third most funded private company in the world. Post receiving $2.4 billion from Japanese technology and telecom giant SoftBank, Flipkart’s total raised capital is now almost $7 billion which is higher than that raised by global giants like online house rental aggregator Airbnb ($3.3 billion) and mobile phone maker Xiaomi ($1.4 billion).

Not only this, e-commerce major is now behind only to China’s Didi Chuxing and Uber in the USA, both of which are cab hailing services.

Whereas in May 2017, India’s leading digital payment platform PayTM had raised $1.4 billion from Japan’s SoftBank Group. Post this funding One97, PayTM parent company now values at $7 billion.

But with the announcement of Toutiao raising at least $2 billion has made the startup talk of the town. This round of fundraising comes after the startup raised $1 billion at an $11 billion valuation toward the end of 2016, as per the reports. It is said that U.S-based private equity firm General Atlantic is among potential new investors and could be leading the round.

Toutiao, founded by Zhang Yiming in March 2012, is one of the fastest-growing tech startups in China. Its valuation has leapt around forty-fold within three years - it was valued at just $500 million in June 2014 - as customized news feed models become increasingly popular with China's highly mobile population.In today’s time, in India, Flipkart and PayTM are two firms that have bagged largest funding from the investors in spite of e-commerce going through troubled phase. But this announcement has definitely shook the Indian startup scenario as China is giving tough competition to the Indian startup eco-system.

In today’s time, in India, Flipkart and PayTM are two firms that have bagged largest funding from the investors in spite of e-commerce going through a troubled phase. But this announcement has definitely shaken the Indian startup scenario as China is giving tough competition to the Indian startup eco-system.

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