Business Intelligence on Retailing, Franchising, and Consumerism in China


Chinese Group Buying Website Gains Additional USD40 Million Investment

Beijing Wangluo Tianxia Life Technology Company Limited, which is the integrated company of the Chinese group buying websites Ftuan.com and Gaopeng.com, has completed its latest financing and gained investments of USD40 million.

According to Lin Ning, chief executive officer of Wangluo Tianxia and former chief executive officer of Ftuan.com, the investments were led by Groupon and Tencent also made additional investment. On the completion of the investment, the management team of Ftuan.com still holds a majority stake.

Lin revealed that so far, Ftuan.com, Gaopeng.com, and the group buying business of Tencent have been fully integrated and no barrier exists on the operational level. In the future, the new company will implement more moves, including focusing on more acquisitions.

Prior to this, Ftuan.com gained three rounds of investments. In June 2010, the company received over USD5 million investments from Mitsui Ventures and Mizuho Capital Markets; in March 2011, it gained tens of millions of US dollars from Tencent; and in the same year, it gained additional USD60 million investments from companies including Tencent.





Be the first to comment on "Chinese Group Buying Website Gains Additional USD40 Million Investment"

Leave a comment

Your email address will not be published.


*




  Other China News

ChinaTechNews.com:

With Advances In Artificial Intelligence, Baidu Drops Drones

Oneplus Closes Smartphone Retail Stores, Focuses On E-commerce

LeEco Cloud Welcomes Former HP, Microsoft Executives

Lenovo Will Pre-install Microsoft Apps On Android Devices


GreenChinaTech:

Chinese Electric Bus Manufacturer Lands USA Deal

American Electric Car Manufacturer To Build In China

U.S. Clean Water Company Makes Chinese Inroads

GE Will Promote Wind Power Through New Chinese Education Center


ChinaSourcingNews.com:

Hertz and AccorHotels announce their partnership to enrich the benefits offered by the loyalty program Le Club AccorHotels

New World Beijing Names New Chief

China's Huawei Will Have Made-in-India Smartphones

Zhejiang's New Electric Car Factory Backed By Chinese Internet Company