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More funding for Koubei

ALIBABA'S local services affiliate Koubei said it has raised US$1.1 billion from institutional investors led by Silver Lake, CDH Investments, Yunfeng Capital and Primavera Capital to further consolidate its position and combat Tencent-backed Meituan-Dianping.

Koubei is a joint venture founded in 2015 by Alibaba and Ant Financial, which both put 3 billion yuan in to the 50-50 joint venture.

The funding marked the first time when Koubei reveals investment from external investors.

"The local service business is reforming with the traditional group-buying model no longer bringing value to local businesses," said Xie Fang, a managing director at CDH Investment. "However, Koubei can really help local businesses with its big data platform and unique technological advantages."

Koubei provides solutions of marketing, purchasing, membership management, bookings, and financial services for offline merchants and businesses.

It currently serves over 1.5 million businesses with an average of over 15 million transactions recorded daily.

Koubei generated 73.1 billion yuan of transaction volume through Alipay during the final quarter of 2016, according to the earnings release by Alibaba yesterday.



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