58 home for $300 million A round of financing over $1 billion valuation

October 12th news, today evening, 58 city owned subsidiary of the company’s home to announce that the 58 home has received $300 million A round of financing, investors, including Alibaba group, the global investment giant KKR and Ping An venture capital.

, according to official sources, after the signing of the equity financing agreement, 58 city still retains a majority stake of more than 58 home, and the valuation of the home will be more than $1 billion to $58.

Alibaba investment 58 home had been rumored, but denied by the parties. In September 24th, 58 city O2O summit held in Hunan Changsha, then I horse financing to Yao Jinbo and Chen Xiaohua confirmed the rumors, the 58 city chairman Yao Jinbo blankly asked: how is it possible? 58 home CEO Chen Xiaohua said rumors. Now it seems that the Internet is already denied the facts once again proved.

58 home was founded in September 2014, is currently the largest Chinese category of local life O2O platform provide door-to-door service, in more than and 30 city including housekeeping services, city express, beauty industry, car wash, and a number of high-quality services yuesao. According to the internal data in the 58 home, housekeeping services, Manicure beauty, express the three category of self moving have achieve market leading.

58 home CEO Chen Xiaohua in an open letter, said: This is an important development in the history of the home node 58, we obtain a better corporate governance structure, will also have more resources, improve our service capabilities, expand our market share.

Yao Jinbo had publicly stated at the China O2O Yuelu summit, 58 city will continue to expand investment in the home of the 58, regardless of the $500 million or $1 billion, are firmly supported".

following is 58 home CEO Chen Xiaohua internal letter

members of the 58 home to those who fight:

tonight (October 12th) 21:00, we formally submitted to the SEC file, and the Alibaba announced a 58 home, safe, KKR completed A round of financing agreement signed, we will be more than $1 billion valuation of $300 million financing. This is an important node in the history of 58 home development, we have a better corporate governance structure, there will be more resources to improve our service capabilities, expand our market share.

KKR, a Alibaba, peace, and support we have been behind the Tencent, including 58 before the fair, they are in the industry is extremely huge, incomparable influence and resources. Their 58 home investment, not only for all of us struggle for the cause of the prospects of great optimism, but also for all of our 58 team trust. Trust, more valuable than financial resources. This is not the financial capital, but more trust. Thank them, all of us who fight, should not live up to this great trust.

also thanks to all the staff and platform for all