SouChe raises $335 million in Series E round led by Alibaba, aiming to build a new retail ecosystem in automotive industry

SouChe raises $335 million in Series E round led by Alibaba, aiming to build a new retail ecosystem in automotive industry

On November 1st, 2017, SouChe (literally meaning Search Car in Chinese) announced that it has closed its Series E funding round led by Alibaba with participation from Warburg Pincus, Primavera Capital and CMB International. This round is less than 12 months from the $100 million Series C round in November 2016 led by Ant Financial, […]

Alibaba Group Launches 2017 11.11 Global Shopping Festival

Alibaba Group Launches 2017 11.11 Global Shopping Festival

Alibaba Group (NYSE:BABA) announced that its 11.11 Global Shopping Festival will officially launch pre-sale activities today, kicking off the festival period with more than three weeks of interactive marketing promotions, innovative New Retail experiences and new product offerings from around the world. Alibaba will host a press conference on October 31 in Shanghai to announce […]

Alibaba plans to enter grocery business

Alibaba plans to enter grocery business

After Amazon, another tech giant Alibaba is trying its luck in grocery business. According to industry insiders the Chinese etailer is planning to buy RT-Mart supermarket chain to gain supremacy in online grocery business. Alibaba’s compatriot and one of the major competitors JD.com- an online electronic commerce company, is also eyeing to expand its portfolio […]

Alibaba 11.11 Mega sale breaks $17.79 billion in GMV

Alibaba, China's biggest e-commerce company, raked in $5 billion in the first hour alone on November 11, or Single's Day, the China's version of Black Friday.

Alibaba 11.11 Mega sale breaks $17.79 billion in GMV

 After generating RMB 120.7 billion ($17.79 billion) in gross merchandise volume in just 24 hours, the 2016 11.11 Global Shopping Festival, the world’s largest one-day online sale, has come to a close. That figure represents a 32 percent jump over the RMB 91.2 billion in transactions that played out over Alibaba’s e-commerce platforms—mostly on B2C […]

Alibaba’s Lazada Buys Singapore Web Grocer

Alibaba’s Lazada Buys Singapore Web Grocer

Lazada Group SA has agreed to buy Singaporean online grocer RedMart, in the latest expansion for Alibaba Group Holding Ltd. beyond its Chinese home turf. Lazada, which Alibaba took control of this year in its largest overseas acquisition to date, said RedMart will continue to operate independently but the pair will share technology and operational […]