Posts tagged " Ant Small & Micro Financial Services Group "

Alibaba, Ant Invest $1 Billion in China Local Online-to-Offline Venture

June 22nd, 2015 Posted by China Business Development, Digital Marketing, E-Commerce No Comment yet

Alibaba Group Holding Ltd. and its finance affiliate each agreed to invest 3 billion yuan ($483 million) in a new venture targeting neighborhood services in China. The venture will enable mobile devices to buy goods and services.

The Koubei venture with Zhejiang Ant Small & Micro Financial Services Group Co. will initially focus on the food and beverage sector, according to a statement. Both companies will provide capital and resources to drive the business.

Read the Bloomberg article here.