Warburg, SAIF-Backed 58.Com Invests In M91.Cn

New York Stock Exchange-listed Chinese Craigslist-like platform 58.com Inc., backed by private equity firms Warburg Pincus and SAIF Partners, says it has acquired Chinese recruitment platform M91.cn for an undisclosed amount, according to Chinese media reports.

Founded in 2004, M91.cn focuses on providing recruitment services specifically for sales representatives across China in various industries.

The investment follows 58.com’s US$25 million investment in Beijing-based online designated driver reservation services provider eDaijia last month.

In November 2013, 58.com raised US$187 million in a U.S. IPO. At the time, Warburg Pincus held 25.8% of 58.com before the float. SAIF Partners and DCM held 20.5% and 16.6% respectively.

In June, Chinese Internet services giant Tencent Holdings Ltd. said it would invest US$736 million in exchange for a 19.9% stake in 58.com on a fully-diluted basis.

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