Alibaba’s JV to tap local services market
Print Edition
ALIBABA Group and its financial services affiliate yesterday said they’re forming a 6 billion yuan (US$966 million) joint venture to tap the boom in local services.
Alibaba and Zhejiang Ant Small & Micro Financial Services Group will each invest 3 billion yuan and take 50 percent in the joint venture, Koubei, according to a joint statement.
Koubei, which will initially focus on the food and beverage segment, expects to offer dining and shopping services for smartphone users by combining the resources of Ant Financial Services’ offline payment services as well as Alibaba’s data analyzing capabilities.
Taobao’s online food ordering and delivery services will also be included in Koubei’s operations.
“Consolidating our resources under Koubei allows us to capture opportunities in both the offline and online markets,” Fan Chi, chief executive officer of Koubei, said in a statement.
“Harnessing the power of mobile commerce and data technology, Koubei will build synergies between offline consumption and Internet-based offerings that will transform China’s local services market,” the statement said.
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