CDH Co-Leads $1.1B Round In Alibaba’s Local Services Unit Koubei

Chinese alternative investment firm CDH Investments, U.S. private equity firm Silver Lake Partners, and Chinese private equity firms Yunfeng Capital and Primavera Capital have led a US$1.1 billion round in Koubei, Alibaba Group Holding's local on-demand affiliate.

The investment is CDH's largest ever deal in the technology, media and telecommunications sector, the firm said in a statement. The latest round values Koubei at US$8 billion post-money, according to Chinese media reports.

"The local service business is reforming with the traditional group-buying model no longer bringing value to local businesses," said Xie Fang, a managing director at CDH Investment. "However, Koubei can really help local businesses with its big data platform and unique technological advantages."

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