Wal-Mart leads firms to invest in 360buy
By Ding Yining |
December 25, 2010, Saturday
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Print Edition
Print Edition
Chinese online business-to-consumer retailer 360buy.com has secured a US$500 million venture capital from six investors, including the world's largest retailer Wal-Mart Store Inc.
The other investors included domestic Internet companies, 360buy Chief Executive Officer Liu Qiangdong said at a sourcing contract signing ceremony in Beijing. But he refused to reveal their identities or individual investment.
The company said it will use the funds to upgrade IT infrastructure and logistics facilities as well as to clinch three to five acquisition deals in 2011, the National Business Daily reported yesterday. It previously raised US$181 million from Tiger Global and Capital Today.
The retailer estimated sales to top 10 billion yuan (US$1.5 billion) this year and 26 billion yuan next year, compared with 4 billion yuan in 2009.
It also diversified from sales of home appliances and consumer electronics to selling books last month, and Liu expected book sales at 300 million yuan in 2011.
China's online retail sales in the third quarter of this year more than doubled from a year ago to 134.2 billion yuan.
The other investors included domestic Internet companies, 360buy Chief Executive Officer Liu Qiangdong said at a sourcing contract signing ceremony in Beijing. But he refused to reveal their identities or individual investment.
The company said it will use the funds to upgrade IT infrastructure and logistics facilities as well as to clinch three to five acquisition deals in 2011, the National Business Daily reported yesterday. It previously raised US$181 million from Tiger Global and Capital Today.
The retailer estimated sales to top 10 billion yuan (US$1.5 billion) this year and 26 billion yuan next year, compared with 4 billion yuan in 2009.
It also diversified from sales of home appliances and consumer electronics to selling books last month, and Liu expected book sales at 300 million yuan in 2011.
China's online retail sales in the third quarter of this year more than doubled from a year ago to 134.2 billion yuan.
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