KKR, Alibaba and Ping An Group to Invest US$300 Million in China-based 58 Daojila (Asia)

Source: 58.com

Global investment firm KKR, China-based e-commerce company Alibaba and China-based insurance company Ping An Group have agreed to invest US$300 million in China-based online marketplace 58 Daojia (“58 Home”), a subsidiary of 58.com, in a Series A funding round. The company will use the capital to enhance its platform with new investments in marketing, research and development, and other operating initiatives. The transaction is subject to customary closing conditions.