Baixing.com, the China-based online classified listings service spun out of e-commerce company eBay, has raised RMB 2.2bn ($354m) in series E funding, China Money Network reported today, citing Chinese media reports.
Investors in the round reportedly included state-backed investment conglomerate Citic, venture capital firm Suzhou High-tech Venture Capital Group and private equity firm Shenzhen Capital Group, though Baixing has not as yet confirmed the news.
Baixing operates an online classified listings service that as of March 2015 had 10 million active monthly users. It is reportedly looking to follow up the series E funding with an initial public offering in its home country, though these plans may be impacted by the recent crash in the Chinese markets.
The company was spun out of US-based eBay in 2005, initially as a wholly owned entity called Kijiji.cn, before changing its name in 2008 after VC fund GSR Ventures bought up a substantial portion of the company’s equity.
Benchmark Capital invested an undisclosed sum in Baixing in 2009, as did another US-based venture firm, Tenaya Capital, in 2011. Baixing subsequently raised $100m in series D funding from undisclosed investors in January this year.