58.com Second-Round Funding Reaches USD 15 Mln
ChinaByte, 4/12/10
Chinese online classifieds site 58.com announced today that its second-round funding, mainly from Doll Capital Management (DCM) and SAIF Partners, totaled USD 15 mln. CEO Yao Jinbo did not reveal the company’s new equity structure following the investment, but said that 58.com has retained control over the company, and that the funds raised will be mainly used towards expansion in second- and third-tier cities nationwide.
Yao also announced the launch of the company’s “100 City Strategy,” by which it plans to achieve comprehensive classified listings throughout 100 cities this year. Yao said that 58.com has already established local sites for 321 cities nationwide, and that the company’s branch offices and agency channels have achieved coverage throughout most of China’s second-tier cities.
Yao said that 58.com’s current revenue streams are mainly from merchant payments, membership fees, ad sales, and affiliate promotion with search engines. Yao revealed that the company’s 2009 operating revenues reached tens of millions of RMB, and that the company’s revenues are expected to break RMB 100 mln this year.
Editor's Note: For more background on this topic, please see "Classifieds Site 58.com Obtains Second-Round Funding" MD 4/02/10 issue.
Keywords: Internet funding 58.com second-round online classifieds revenue forecast Doll Capital Management SAIF
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