Chinese e-commerce firm Shein has hit a $100 billion valuation after its latest funding round, according to sources reported by the Wall Street Journal.

The funding round, which reportedly closed last week, was worth between $1 billion to $2 billion.

The round was led by private equity firm General Atlantic according to the sources and included existing Shein investors Tiger Global Management and Sequioa Capital.

The online retailer was founded in 2008 in Nanjing, China and made an estimated $10 billion in 2020 according to an estimate by Coresight Research.

Shein was second most downloaded shopping app worldwide in 2021 according to research compiled by analytics firm Apptopia.

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