Russian firm joins funding round for Chinese 360buy.com

By: 
Staff Writer
Published: 
March 31, 2011
News Photo
Image: supplychain.cn
BEIJING, China

DST, a Russian internet investment group that backed Facebook during early capital raises, has joined a selection of investors that plan to invest hundreds of millions of dollars in 360buy.com, China’s largest online retailer. This is the third round of funding for the Chinese company, and sees bids from other companies, including Walmart.

360buy.com was founded in 2004, and has grown at a rate of over 200% a year, according to the company's reports. It has 15 million registered users in China, and sells goods that include electronics, books, clothing and food.

The latest round of funding is thought by analysts to be a precursor for a public offering in the near future. DST has a track record of major internet investments, and in addition to Facebook, has invested in online music platform Spotify and last year floated its Mail.ru service on the London stock exchange.

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