TEMU expands operations with three new sites, continuing to grow its overseas business.
Recent reports indicate that TEMU, a cross-border e-commerce platform under the umbrella of Pinduoduo, has launched three new sites: Georgia, Mauritius, and Malta. These sites are strategically located in Western Asia, Africa, and Southern Europe respectively. Of particular note, the addition of the Mauritius site marks TEMU's second national site in Africa following the launch of the South Africa site earlier this year. With these recent developments, TEMU has expanded its global presence to encompass 53 overseas markets spanning Asia, Europe, North America, Latin America, Africa, and Oceania. This initiative undoubtedly signifies a crucial step forward in TEMU's global strategy, injecting fresh vitality into the cross-border e-commerce sector.
Since its inception, TEMU has attracted significant attention for its performance in the market, sparking continuous discussions and analyses. Pinduoduo recently released its fourth-quarter and full-year financial report for 2023, revealing a staggering 241% year-on-year increase in transaction service revenue, reaching 94.1 billion RMB. However, despite the high level of interest in TEMU's performance, Pinduoduo has chosen to consolidate TEMU's financial performance within the overall transaction service revenue without disclosing specific data. Chairman and Co-CEO of Pinduoduo, Chen Lei, has maintained a reserved stance regarding TEMU's development, emphasizing that the global business remains in its early stages and faces various challenges and uncertainties.
Nevertheless, the trajectory of TEMU's overseas expansion over the past two years indicates that Pinduoduo is adequately prepared for the platform's long-term commitment. With the recent launch of three new sites, TEMU's global footprint has expanded further, now encompassing 53 sites worldwide across Asia, Europe, North America, Latin America, Africa, and Oceania. Analysts estimate that TEMU is poised to contribute 43% of Pinduoduo's total revenue by 2024 and surpass 50% by 2025.
Looking ahead, TEMU may continue to open new sites, driving the ongoing development of the cross-border e-commerce industry and delivering convenience to global consumers.