Online media company Sina Corp has invested $100m in Shenzhen Uxin Internet Technology, a China-based company that enables users to make free phone calls, China Money Network reported today.
Uxin Internet enables users to make free phone calls to people in their social network, and it reportedly has almost 10 million daily active users
Although it has a variety of holdings, Sina is best known for microblogging platform Weibo, and the investment in Uxin Internet, made through a combination of capital and resources, will enable Weibo users to utilise Uxin’s service.
The tie-up would hypothetically allow Sina to compete with online competitors like Tencent that already have substantial messaging offerings. Tencent’s WeChat app can be used for messaging and calling, and links to a variety of other online services.
Uxin Internet did not disclose the size of the stake Sina acquired in the deal, and has not revealed details od any earlier funding.
Importantly, Uxin Internet should not be confused with China-based used car marketplace Uxin, which raised $170m in a round backed by internet company Baidu in March this year.