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Alibaba invests in new sector
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China’s largest e-commerce group Alibaba said it has invested in online education company TutorGroup as it hopes to attract more users by entering new sectors.
Venture capital firm Qiming Ventures and Singapore’s state investment company Temasek Holdings also contributed to the US$100 million second round financing for the education company.
Alibaba, however, didn’t reveal the value of its investment.
TutorGroup, which was founded in 2004, operates English online training website Vipabc.com, and TutorMing.com for global Mandarin learners. It hopes to accelerate its growth in Asia Pacific and expand into the American market.
Meanwhile with the latest investment Alibaba aims to extend its footprint to a wide range of offline sectors.
Last week the Hangzhou-based firm offered to pay US$1.1 billion for 72 percent of AutoNavi it didn’t already own.
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