New York Stock Exchange-listed Chinese Craigslist-like platform 58.com Inc. says its O2O (online-to-offline) subsidiary 58 Daojia Inc. has reached agreement with investors to received US$300 million series A funding from Alibaba Group Holding Limited, KKR, and Ping An Group.
In an announcement, 58.com says it will maintain majority ownership of 58 Daojia.
The round values the O2O start-up at over US$1 billion on a fully-diluted basis post-investment.
58 Daojia says it will use the proceeds to continue enhancing its platform with further investments in marketing, research and development, as well as exploring investment opportunities in new start-ups and business ventures in China’s O2O market.
Founded in September 2014, 58 Daojia provides online information and access to high-quality offline services such as cleaning, moving, babysitting, beauty care, and many other categories in approximately 30 cities in China.
With its location-based order system, 58 Daojia’s platform directly connects customers to the nearest independent service providers.