Facebook investor joins funding round for 360buy.com: report
BANGALORE | Wed Mar 30, 2011 1:19am EDT
(Reuters) - Russian Internet investment group Digital Sky Technologies, an investor in social network company Facebook, has joined a group of investors funding hundreds of millions of dollars to 360buy.com, China's largest online retailer, the Financial Times reported.
The Financial Times said the interest in 360buy underlines the vast opportunity for online commerce in China, one of the largest and fastest-growing internet markets.
DST and 360buy could not be reached for comment.
360buy, which was founded in 2004, has been described as the Amazon.com of China, the daily said.
DST already owns large stakes in some of the most successful US internet companies, including Facebook, Groupon and Zynga.
Wal-Mart Stores Inc, the world's largest retailer, was one of six strategic partners who invested a total of $500 million in 360Buy in December.
(Reporting by Megha Mandavia; Editing by Lincoln Feast)
Credit: Reuters (www.reuters.com)
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