Ant Financial Services Group, the financial services affiliate of China-based e-commerce group Alibaba, has launched a RMB 1bn ($160m) venture capital fund, China Money Network reported today, citing a company statement.
The Ant Ecosystem Co-Win Fund will fund internet finance companies and those in related industries such as online-to-offline platform developers, according to the statement, posted on Ant Financial’s Weibo account.
The company also revealed that it is planning to establish its own crowdfunding platform, Ant Dake. It is altready set to launch an online bank called MYbank next month in partnership with two other China-based corporations, conglomerate Fosun and auto parts supplier Wanxiang.
Ant Financial operates a range of financial services units set up by Alibaba, which would claim a 37.5% stake in the company in the case of any liquidity event. Reports in the Chinese media in February this year stated Ant Financial was raising funding at a valuation of up to $40bn.
The company has also been busy making strategic investments of late, taking a reported 25% stake in One97 Communications, the India-based parent company of mobile payment platform Paytm and agreeing to pay a reported $32m for a 60% stake in financial data and services provider Shumi Fund.