## Reddit's valuation doubles to $6 billion after new $250 million funding

![Reddit](https://static.ideastoday.in/opinion/digest_media/s_static_i...)

Reddit Inc. announced on Monday that it has raised over $250 million in a new round of funding (series E), doubling its valuation to $6 billion, reports [Reuters](https://www.reuters.com/article/us-reddit-funding/reddits-va...).

The big picture: Reddit said in a statement that it plans to make "strategic investments" in the video, advertising, and consumer products, and expand into international markets.

- The platform has 50 million active daily users. Reddit's advertising revenue rose 90% in the last quarter from a year ago, as the platform was at the heart of a [retail trading frenzy](https://ideastoday.in/digests/whats-going-on-with-gamestop-m...) involving "meme stocks" such as GameStop and AMC.

- "It's a good market to fundraise," Reddit CEO Steve Huffman told the [WSJ](https://www.wsj.com/articles/reddits-valuation-doubles-to-6-...). "Valuations are very high right now. It never hurts to raise money when there's an opportunity to do so and Reddit had a strong year."
Of note: The platform recently drew attention for this 5-second static-image ad during the Super Bowl, per [TechCrunch](https://techcrunch.com/2021/02/08/reddit-raises-250-million-...).

## Headlines

- Uber Founder Launches [Luxury Airline](https://www.vice.com/en/article/y3gkk7/aero-luxury-airline-u...) So Rich People Can Go on COVID Vacations

- EA is purchasing Glu Mobile for [$2.4 billion](https://www.engadget.com/ea-purchasing-glu-mobile-045832340....)

- Clubhouse in China Is a Party That Knows the [Cops]9https://www.inkstonenews.com/tech/clubhouse-china-party-know...) Are Coming

- Bitcoin and Dogecoin Are Boosted by [Elon Musk](https://www.nytimes.com/2021/02/08/technology/dogecoin-bitco...)

- Three Mars Missions Arriving in [February 2021](https://www.dw.com/en/three-mars-missions-arriving-in-februa...)

- Watch: A Billion Years in [40 Seconds](https://phys.org/news/2021-02-video-billion-years-seconds.ht...)

Get Daily News Like This *[CutThroughTheNoise](https://CutThroughTheNoise.co)*

## After three months, WhatsApp Pay registers slow growth

WhatsApp Pay has processed just 1.6M of the 6.7B+ UPI transactions in the country since its launch in November, writes [The Economic Times](https://economictimes.indiatimes.com/tech/technology/after-t...).

Between the lines: WhatsApp insiders say this slow growth has been due to choice; as the company wants to get the technology right and ensure a smooth user experience before marketing the service.

- However, market observers feel that current concerns about the ownership and privacy of digital data and big tech firms' power could be part of the reason.
- Also, WhatsApp Pay went live after months of regulatory hurdles, and that too for a restricted user base of 20 million. Some experts say that WhatsApp might be waiting for these restrictions to be lifted, to ensure a low rate of transaction failures via the platform.
- Others also say that WhatsApp may not have invested adequately in technology and talent acquisition.

Of note: WhatsApp's controversial global privacy policy update does not apply to its payment services, which are governed by the India Payment Privacy Policy mandated by RBI and NPCI.

Also read on [BloombergQuint](https://www.bloombergquint.com/business/slow-start-for-whats...).

Get Daily News Like This *[CutThroughTheNoise](https://CutThroughTheNoise.co)*