China: Wanda E-commerce raises USD 161 mln, USD 3 bln valuation

Tuesday 6 January 2015 14:29 CET | News

Wanda E-commerce, an ecommerce retailer, has raised USD 161 million (CNY 1 billion) in funding from investment groups Centec Networks and Xude Rendao.

Moreover, the recent funding raises the company’s valuation at USD 3 billion (CNY 20 billion), reports.

Wanda E-commerce was founded in August 2014 as a USD 814 million (CNY 5 billion) joint venture by mega-conglomerate Wanda and the web services companies Tencent and Baidu.

Tencent and Baidu each hold 15% of Wanda E-commerce. Wanda E-commerce uses Tencent products like the payment services TenPay and Weixin Payment.

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Keywords: China, Wanda E-commerce, ecommerce, retailer, online sales, investment, fund, expansion
Categories: Payments & Commerce
Countries: World
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