DUBLIN, April 13, 2016 /PRNewswire/ --
A Chinese selfie-editing application company could see a valuation of USD 3 billion following its latest round of funding. Meitu Inc. is aiming for at least the aforementioned value, according to people familiar with the company, a value which would make Meitu one of China's biggest startups. Meitu's apps have over 270 million monthly active users, and have proven extremely popular with China's beauty obsessed youth. China's cosmetic market is expected to grow at a CAGR of 9% by 2025, according to a recent report from Research and Markets, but this forecast could be greater due to the popularity of Meitu's beauty apps.
Meitu's apps offer users a host of image editing features including height adjustment, adding digital make-up and lightening the subject's complexion. Meitu's third round of investment in 2014 resulted in a cumulative amount of USD 360 million, plus a valuation of USD 2 billion. Meitu's apps have been installed in over 900 million mobile devices, and the company remain at the top of Apple Inc.'s China App Store for photo and video rankings.
The e-commerce IT spending market in China is set to grow at a CAGR of 20.73% by 2019, as forecast in an industry report, but this growth could be higher if Meitu is successful as it may inspire other Chinese tech companies to seek out funding.
Meitu's USD 3 billion valuation may also inspire other photo editing application developers, driving competition and advancing the technology used in mobile devices. The global facial recognition market is expected to grow from USD 2.77 billion in 2015 to USD 6.19 billion in 2020, but this figure could be higher thanks to the popularity of companies like Meitu.
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SOURCE Research and Markets