Marbridge Daily

<- October 26, 2012 ->

GroupNet Raises USD 40 Mln for Acquisitions

Tencent Tech, 10/26/12

Beijing Wangluo Tianxia Shenghuo Technology (English name: GroupNet), which operates group buy sites Ftuan and Gaopeng, recently completed USD 40 mln in new funding, which it will use to acquire additional group buy sites. GroupNet CEO Lin Ning said that group buy site 24Quan is one of a number of possible acquisition targets. "We receive acquisition requests from group buy sites every day, but many are too small-scale," said Lin.

Lin also revealed that GroupNet's sites - Ftuan, Gaopeng, and QQ Tuan - have been integrated, with total sales volume reaching RMB 250 mln in September.

Editor's Note: For more background on this topic, please see "Tencent, Groupon Provide Additional Funding to Groupnet" MD 8/09/12 issue.

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