58.com Inc. (NYSE: WUBA), China’s largest online market place for classifieds, received a US$300m Series B financing round for its consolidated subsidiary Zhuan Zhuan, an online used goods trading platform.
Backers included Tencent, and existing investors of Zhuan Zhuan. 58.com will remain as the majority shareholder of the subsisdiary following the transaction.
The deal is expected to close in the fourth quarter of 2019 and is subject to certain customary closing conditions.
58.com Inc. (NYSE: WUBA) operates China’s largest online market place for classifieds. The company’s online marketplace enables local business users and consumer users to connect, share information and conduct business.