China’s 360Buy Raises $700M Ahead Of Potential IPO, Wants To Become Stronger Alibaba Rival

view story

http://techcrunch.com – 360Buy, the quick-delivery shopping site once described as the Chinese mashup of Amazon and Fresh Direct, announced $700 million USD in funding on Friday. While this gives the company, China’s second largest e-tailer after Alibaba, enough cash to delay its much-anticipated IPO, one of its investors, Kingdom Holding Company, a Saudi Arabia firm, focuses on companies that will make a public offering within three years. In a release, Kingdom’s executive director Ahmed Halawani said the deal is “in line with Kingdom Holding’s private equity investment strategy through sele (IT news)