Tencent, Baidu and JD.com put $50m each into Bitauto
Three of China’s most famous internet businesses, Baidu, Tencent and JD.com, are each ploughing $50 million into Chinese online auto portal Bitauto.
It is not yet known how the round of funding, which totals $300 million after factoring in another $150 million from PA Grand Opportunity Limited, will be used beyond the vague “general corporate purposes” that the business has stated.
Bit auto is a consumer-facing business but makes money in three ways; an advertising and subscription business, a transaction services business and a digital marketing solutions business.
The deal is unique in that it has equal investment from the three Chinese digital Read full story ›
Source: The Drum
