TechCrunch

360Buy, the quick-delivery shopping site once described as the Chinese mashup of Amazon and Fresh Direct, announced $700 million USD in funding on Friday. While this gives the company, China’s second largest e-tailer after Alibaba, enough cash to delay its much-anticipated IPO, one of its investors, Kingdom Holding Company, a Saudi Arabia firm, focuses on companies that will make a public offering within three years.

In a release, Kingdom’s executive director Ahmed Halawani said the deal is “in line with Kingdom Holding’s private equity investment strategy through selecting high growth companies potentially seeking to be listed in one of the international capital markets within three years.”

Beijing-based 360Buy’s CEO Richard Liu wrote in a companywide email that the funds will be used to continue strategic investments. According to First Financial Daily(link via Google Translate), this funding round increases 360Buy’s valuation by about 20 percent to $7.25 billion USD…

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By Nicholas Maithya Posted in Reviews

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