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360buy secures US$500m in venture capital
By Ding Yining |
December 24, 2010, Friday
|
Online Edition
Online Edition
CHINESE online business-to-consumer retailer 360buy.com said it has secured US$500 million (US$75.3 million) in venture capital from six investors including Wal-Mart Stores Inc, the world's largest retailer.
Earlier this month, B2C website Dangdang.com completed its initial public offering on the New York Stock Exchange and raised US$272 million.
360buy Chief Executive Officer Liu Qiangdong said at a sourcing contract signing ceremony in Beijing that other investors include domestic Internet companies. Liu declined to say which firms or how much each one invested.
The website said it will use the funds to upgrade its IT infrastructure and logistics facilities as well as finance three to five acquisitions in 2011, National Business Daily reported today.
The website had previously raised US$181 million from Tiger Global and Capital Today.
China's online retail transaction volume in the third quarter more than doubled from a year ago to 134.2 billion yuan, research firm Analysys International said.
Alibaba Group's B2C unit Taobao.com had over 80 percent of China's online retail market while 360buy had 14.1 percent as of the end of the third quarter.
Earlier this month, B2C website Dangdang.com completed its initial public offering on the New York Stock Exchange and raised US$272 million.
360buy Chief Executive Officer Liu Qiangdong said at a sourcing contract signing ceremony in Beijing that other investors include domestic Internet companies. Liu declined to say which firms or how much each one invested.
The website said it will use the funds to upgrade its IT infrastructure and logistics facilities as well as finance three to five acquisitions in 2011, National Business Daily reported today.
The website had previously raised US$181 million from Tiger Global and Capital Today.
China's online retail transaction volume in the third quarter more than doubled from a year ago to 134.2 billion yuan, research firm Analysys International said.
Alibaba Group's B2C unit Taobao.com had over 80 percent of China's online retail market while 360buy had 14.1 percent as of the end of the third quarter.
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