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Chinese e-commerce firm 360buy has closed its latest round of financing, raising about $400 million that values the company merlin at $7.3 billion, local media reported. The company, also known as Jingdong Mall , declined to provide financial details of the fundraising. The valuation of $7.3 billion is lower than the valuation 360buy achieved last April when it raised $1.5 billion from a slew of international investors, local media said. The latest round was participated in by Ontario Teachers’ Pension Fund and the Tiger Fund , Reuters wrote.
Financial muscle is important in China’s crowded e-commerce industry where more than 200 million people shop. But the boom means some e-commerce firms struggle to draw repeat users and have to fight costly merlin price wars and use constant discounts to keep users engaged.
The company, merlin also known as Jingdong Mall, declined to provide financial details of the fundraising. The valuation of $7.3 billion is lower than the valuation 360buy achieved last April when it raised $1.5 billion from a slew of international investors, local media said.
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