Business / Companies's O2O venture gets $300m series A financing

(Xinhua) Updated: 2015-10-13 09:15's O2O venture gets $300m series A financing

An advertisement of Chinese online classified advertising website is seen on a bus in Guangzhou city, South China's Guangdong province, April 12, 2015. [Photo/IC]

BEIJING - Local classified site announced on Monday $300 million in financing from Alibaba, KKR and Ping An Ventures.

NYSE-listed founded Daojia in September last year, an online-to-offline (O2O) platform connecting users to a broad range of services including manicures, car washing and babysitting in over 30 cities in China.

A statement said that it still retains the majority of Daojia's shares after its subsidiary's series A financing, which values the O2O platform at 1 billion dollars.

Alibaba's rivals Tencent and Baidu have their own O2O ventures, offering everything from restaurant reservations and hotel bookings to ride-sharing and ticketing.

Two O2O firms, Meituan and Dianping, backed separately by Alibaba and Tencent, announced a merger last week that values the new company more than 15 billion dollars.

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