Pinterest Seeks $11 Billion Valuation With New Funding: Report

Pinterest Inc, a photo pin-up site, is in talks to raise $500 million (roughly Rs. 3,100 crores) in a round of funding that would more than double its valuation to $11 billion (roughly Rs. 68,283 crores), the Wall Street Journal reported, citing people familiar with the matter.

The company plans to raise the funds in the coming weeks, but it is not clear if any new investor would join the round, the Journal reported.

Pinterest, which allows users to create online bulletin boards based on various themes such as travel, decorating, or sports, was unavailable for comment outside regular U.S. business hours.

The new funding would value the company at more than twice the $5 billion (roughly Rs. 31,037 crores) valuation last May when it raised $200 million (roughly Rs. 1,241 crores).

Pinterest has raised a total of $764 million (roughly Rs. 4,742 crores) so far from existing investors SV Angel, Bessemer Venture Partners, Fidelity, Andreessen Horowitz, FirstMark Capital, and Valiant Capital Partners.

© Thomson Reuters 2015