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Mogu

Social commerceChina
New to Unitard
📉 Public < $1B
Peak $4 BillionRecorded estimate
~-99%
from peak
  1. 🦄
    Became a unicorn
    2016
  2. 📈
    Peak valuation
    $4 Billion ’18
  3. 💔
    Became a Unitard
    2019
  4. 💸
    Last valuation estimate
    ~$40M
Current status
Listed on the NYSE (MOGU)

The rise & fall

6 moments · 2011–2026

The key moments.

2011
Mogujie founded in Hangzhou
A shopping-discovery site for fashion that later leans into influencer livestreaming.
Wikipedia
2016
Merger makes a unicorn
Tencent backs the combination of Mogujie and rival Meilishuo into one social-commerce platform.
Caixin
2018
The peak: a ~$4B private mark$4B
Private rounds value the Tencent-backed platform near $4B early in the year.
Caixin
Dec 2018
Down-round IPO on the NYSE
A cooling market forces a listing at roughly $1.3B — about two-thirds below the private peak.
Bloomberg
2019
Slips out of the club
The stock loses about 79% within months of listing.
Bloomberg

How it happened

Mogu was a Tencent-backed Chinese online fashion and social-commerce platform, formed by merging the shopping-discovery sites Mogujie and Meilishuo, that blended influencer livestreaming with apparel sales. It was valued at around $4B in private rounds in early 2018, but a cooling market forced a steep down-round IPO on the NYSE that December at roughly $1.3B — and the stock fell about 79% within months.

Squeezed by Alibaba's Taobao and Pinduoduo and unable to scale its livestream commerce profitably, Mogu has since withered to a micro-cap worth only $15–20M, a fraction of its one-time unicorn valuation.

Source: Caixin / Bloomberg / Motley Fool (Tencent-backed Chinese fashion social-commerce platform formed by the Mogujie–Meilishuo merger; valued ~$4B privately in early 2018; down-round Dec 2018 NYSE IPO at ~$1.3B; stock fell ~79% within months and trades as a ~$15–20M micro-cap by 2026)

Founder

  • Qi Chen
    Founder & CEO
    No public profile matched

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