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Alibaba invests in online education firm with expansion plans
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CHINA’S largest e-commerce group Alibaba said it has invested in TutorGroup, an online education company, as it hopes to enter new fields to expand its realm.
Qiming Ventures and Singapore's state investment company Temasek Holdings were also a part of the US$100 million second round financing for the education company.
TutorGroup was founded in 2004 and operates the English online tutoring website Vipabc.com and TutorMing.com for global Mandarin learners. It hopes to accelerate its growth in the Asia Pacific area and expand into the US market.
Alibaba also has its own online education sector to allow educational institutions to open their online stores.
The e-commerce giant hopes to extend its footprint to a wide range of sectors in the offline realm.
Last week the Hangzhou-based e-commerce giant offered to pay US$1.1 billion for the 72 percent stake of AutoNavi it doesn't already own.
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