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Saudi Prince invests in Chian E-Commerce site 360Buy

rtoz (2530056) writes | about a year ago

Businesses 0

rtoz writes "China’s e-Commerce site 360Buy, has received a $400 million investment from a consortium led by Saudi prince Alwaleed bin Talal who also invested in Twitter. The prince’s Kingdom Holding Company (KHC) contributed roughly $125 million to purchase an undisclosed stake in the company. According to Techcrunch report,Beijing-based 360Buy’s CEO Richard Liu wrote in a companywide email that the funds will be used to continue strategic investments, And this funding round increases 360Buy’s valuation by about 20 percent to $7.25 billion USD from $6 billion USD. 360Buy is having 80 million registered users, and 35 million of them are using it actively. Saudi prince Alwaleed bin Talal is a major investor in Citigroup. He owns Private Jet With Space for two Rolls-Royces, a stable for horses and camels, a pen for hawks and a prayer room that rotates so it always points toward Mecca. According to NYT, the price of this jet is over $500 million."
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