Liu Qiangdong, the chairman of 360buy, the biggest 3C online retailer in Chinese B2C market, today disclosed its series C venture investment, the amount is over $500million.
Liu said this round of investment is not from venture capitals, but also from some strategic investor including Walmart and other six large internet companies. Walmart is starting its own e-commerce in China by launching its online Samโs Club. The future cooperation between 360buy and Walmart could be quite interesting to watch. The money $300millions is already in the bank and the rest will be wired by next March. The money will be used mainly for building up more 360buyโs logistics centers. It will be companyโs last round investment before IPO.
Liu did not tell the exact figure of 360buyโs evaluation. But according to some reports, 360buyโs revenue in 2009 has reached rmb 4billions, this year it could be over rmb 10billions and next year Liu is expecting rmb 24billions-26billions.
We have reported about the price war between 360buy and Dangdang. 360buyโs main business is on 3C products but now it is challenging Dangdang by selling books with big discount. Liu said their original target for book-sell would be at rmb 300millions, but now he is more optimistic and looking at rmb 500millions for 2011.
[source via tech.163.com]
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