Chinese e-commerce site 360buy has reportedly closed its latest round of financing, raising $400m in a round which saw involvement from Ontario Teachers’ Pension Fund and investment manager Tiger Global Management. This latest financing values the company, also known as Jingdong Mall, at $7.3 bn, local media reported.
The current valuation of $7.3 bn is lower than the valuation 360buy achieved last April when it raised $1.5 bn from a slew of international investors including Russian-based investment company DST Global,
Founded in 2004 by Qiangdong Liu, 360Buy has been growing at 300% per year and crossed RMB1.2bn in sales in 2008, a year after its $10m first venture capital backing by Capital Today. It forecast RMB10.2bn ($1.5bn) in revenues this year.
360buy launched an English-version of its e-commerce website in mid-October to enter overseas markets.