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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