China's 360buy.com raises $700M in new funds

Summary:Latest funding round values the Chinese e-commerce operator at a value of US$7.25 billion, with cash reserves of over 15 billion yuan (US$2.4 billion) for its long-term investments.

Chinese business-to-consumer (B2C) e-commerce operator 360buy.com has raised US$700 million in its latest round of funding, pegging the company at a value of US$7.25 billion.

chinese-yuan-ebiz
360buy now has 15 billion yuan (US$2.4 billion) in cash reserves.

News site ifeng.com reported Monday that 360buy.com announced its latest round of fund raising last Saturday. New investors include Canada's Ontario Teachers’ Retirement Fund (OTPP) and Kingdom Holdings Company, which is chaired by Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud of Saudi Arabia, it added.

Including the latest round of funds, 360buy.com has received a total of nearly US$2.3 billion in investments after four rounds of fund raising. The company raised US$10 million,  US$21 million, US$1.5 billion and US$700 million in the respective rounds, said the report. 

It also cited an internal e-mail by 360buy.com CEO Liu Qiangdong to his employees, which said the company now has 15 billion yuan (US$2.4 billion) in cash reserves.

"This money will guarantee that we will not be worried about short-term financial performance and we can look into the future and consider long-term investments," said Liu in the e-mail.

The e-commerce operator launched an English Web site in October last year , shipping to 36 countries in the initial phase. In December 2012, Finnish phonemaker Nokia signed a US$321 million deal with 360buy.com to sell its smartphones directly on the latter's platform.

Topics: E-Commerce, China

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The only journalist in the team without a Western name, Yun Qing hails from the mountainy Malaysian state, Sabah. She currently covers the hardware and networking beats, as well as everything else that falls into her lap, at ZDNet Asia. Her RSS feed includes tech news sites and most of the Cheezburger network. She is also a cheapskate mas... Full Bio

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