WeChat rival Bullet Messaging raises $21.96m

An emerging instant messaging tool called Bullet Messaging has received 150 million yuan ($21.96 million) in funding after its first week of operation, gaining traction among internet-savvy Chinese users and posing an imminent threat to social media veteran WeChat.

Developed by Kuairu Technology, which is invested by Beijing-based smartphone maker Smartisan Technology, Bullet Messaging has quickly become the most-downloaded free offering on Apple's App Store in China, according to data from app analytics firm App Annie.

The financing was confirmed on Wednesday via a microblog posted by Smartisan's charismatic founder Luo Yonghao, who is known for staging entertaining product launches that people pay to attend. Investors are flocking in, he said.