{"id":14967,"date":"2013-02-15T19:02:14","date_gmt":"2013-02-15T19:02:14","guid":{"rendered":""},"modified":"2013-02-15T19:02:14","modified_gmt":"2013-02-15T19:02:14","slug":"China-s-360Buy-Unwraps-Biggest-Ever-Funding-Round-of-700-Million","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=14967","title":{"rendered":"China\u2019s 360Buy Unwraps Biggest Ever Funding Round of $700 Million"},"content":{"rendered":"

It was only three months ago that 360Buy, China\u2019s second-largest online store, wrapped up $400 million in funding. Today 360Buy has confirmed its biggest ever injection of capital with a fifth round of funding worth $700 million.<\/strong><\/p>\n

It means that 360Buy, which is second in the B2C e-commerce sector in China to Alibaba\u2019s Tmall site, has raised $1.5 billion in its last few rounds, and has now attracted about $2.3 billion since it first got investment back in 2007.<\/p>\n

The massive new round saw participation once again from Ontario Teachers\u2019 Retirement Fund (OTPP) along with new input from Riyadh-based Kingdom Holdings, which was founded by Saudi Arabia\u2019s Prince Alwaleed Bin Talal Alsaud.<\/strong><\/p>\n

360Buy\u2019s previous round effectively valued the store at $7.25 billion,<\/strong> but there\u2019s no indication of its current valuation.<\/p>\n

360Buy told Chinese media that the newest financing will be used to bolster day-to-day operations, as well as to build up its fledgling logistics service.<\/p>\n

CEO and founder Liu Qiangdong has indicated in the past that 2013 was likely a good time for an IPO, but it\u2019s not clear if the new investment would delay that timeline.<\/p>\n

China\u2019s e-commerce sector is marked by a ferocious burn rate for companies, as well as vicious price wars. <\/strong>360Buy has diversified into a few areas where monetizing is a bit simpler in the past few months, such as by shipping some products to overseas customers, and launching an online music store within China.<\/p>\n

(Source: iHeiMa \u2013 article in Chinese via www.techinasia.com)<\/em>
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