Sina Tech, 1/27/10
Chinese B2C e-commerce company 360Buy has confirmed that it has received venture funding led by Tiger Global Management. The first USD 75 mln of the funds are already in the company's accounts, with another portion of funding to be received by the end of the year, totaling over USD 150 mln for this round of investment.
CEO Liu Qiangdong said that 50% of the funds would be used to improve the company's storage, shipping and after-sales service capacity.
The company plans to build large-scale logistics hubs in the second half of 2010 in Beijing, Shanghai and Chengdu, each spanning over 100,000 square meters. Including the company's existing facility in Guangzhou, the new hubs will bring the company's total number of primary warehouses to 4. The company also plans to build 15-20 secondary warehouses throughout the country.
Editor's Note: For more background on this topic, please see "360Buy Obtains Third-round Funding" MD 1/25/10 issue.