Maimaibao Lands Series D Funding from JD.com and Tencent
DoNews, 7/01/15
Wuxi-based Maimaibao Information Technology, operator of m-commerce site Maimaibao (Mmb.cn), has announced the completion of Series D funding from Beijing-based B2C e-commerce platform JD.com (Nasdaq: JD) and Chinese internet and mobile services firm Tencent (0700.HK). The firm did not disclose the size of the transaction. Tencent was an existing shareholder, and in March last year news outlet Tencent Tech described Maimaibao Information Technology as a controlled subsidiary of Tencent.
The investment was coupled with a strategic agreement affording Maimaibao access to JD.com's product lines, warehouses and logistics. The move will allow Maimaibao to expand its product offering and JD.com to hasten its expansion into rural e-commerce. Tencent will contribute user resources to the partnership.
Maimaibao was set up in 2006 and focuses on rural areas. The site has 110 mln visitors each month and a total of 20 mln users have received services from the site, which are available in 580,000 administrative villages nationwide.
Editor's Note: For more information on this topic, please see "Update: Maimaibao Confirms Receipt of Tencent, MTK Funding," MD 3/17/14 issue.
Keywords: e-commerce m-commerce Internet funding rural Tencent 0700.HK Maimaibao JD.com JD fourth-round M&A
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