Beijing-based B2C e-commerce platform 360Buy announced today that it has completed over USD 1 bln in third-round funding and plans to IPO in 2013 on either a US or Hong Kong exchange.
In an interview during an industry forum in Hainan, CEO Liu Qiangdong said that USD 800 mln has already been deposited and a number of investment firms participated, but Liu could not reveal any other details. 360Buy plans to announce the precise amount of funding on April 1.
Liu said the funds will primarily be used to build and develop the company's distribution system, investing between RMB 5-6 bln over the next three years. This year 360Buy will begin construction on seven top-level distribution centers, averaging RMB 600-800 mln in investment for each center.
Liu added that while 360Buy will definitely not IPO in the next two years, it may do so in 2013.
Editor's Note: For more background on this topic, please see "Rumor: 360Buy May Receive USD 220 Mln in PE Funding" MD 1/24/11 issue.