Chinese location-based social app Momo files for U.S. IPO to raise $300M

Momo, the Chinese location and interest-based social app, has filed for IPO to raise $300 million.

Widely known as a mobile app for connecting strangers with location-based features, Momo now is transforming to an interest-based social platform. Also it has been adding services for businesses to interact with Momo users.

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As of September 2014, Momo has 180.3 million registered accounts, 60.2 million monthly active users, 25.5 million daily active users and 2.3 million paying membership subscribers, according to the filing.

The company resembles Tencent in terms of both product evolution and monetization. Momo claims it’s the third most popular social apps in China, after Tencent’s WeChat (or Weixin) and Mobile QQ. While WeChat is for friends, family and acquaintances, Momo differentiates itself as a service for users with similar interests.

Momo started monetization in the third quarter of 2013, making revenues through gaming, paid membership subscriptions and advertising.

An English version was launched in October 2012 but reportedly has been shut down. The company plans to launch a new one for English speakers, according to the filing.

For more about the company please see this article.

This story originally appeared on TechNode. Copyright 2014