Social media community Reddit stated on Thursday it’ll elevate as much as $700 million (roughly Rs. 5,200 crores) in a late-stage funding led by Fidelity Management and Research Company, giving it a valuation of greater than $10 billion (roughly Rs. 74,240 crores).

The firm’s well-liked WallStreetBets discussion board has been on the coronary heart of a growth in buying and selling by small-time inventory market traders this yr that has threatened Wall Street hedge funds and despatched shares in firms together with GameStop and AMC hovering.

On the again of the buying and selling frenzy, Reddit’s worth doubled to $6 billion (roughly Rs. 44,545 crores) in February from a yr in the past because it raised more cash to deal with the frenzy of recent subscribers.

In the second quarter, Reddit marked its first $100 million (roughly Rs. 740 crores) promoting income, an nearly threefold bounce from the identical interval final yr.

The San Francisco-based firm was based in 2005 by Chief Executive Steve Huffman, entrepreneur Alexis Ohanian and the late Internet activist Aaron Swartz.

It is backed by enterprise capital agency Andreessen Horowitz and funds akin to Sequoia Capital and Tencent Holdings.

© Thomson Reuters 2021