Thursday, 10 October 2013
Alibaba is diving into the US market with a substantial investment in two-day shipping service Shoprunner, The Wall Street Journal reports. It’s not known how much of the $206 million deal Alibaba chipped in, but it’s believed to have put in most of the funding. In August, the Chinese ecommerce leader was said to have paid $75 million for a minority part of the company.
eBay is said to have sold off its 30 percent stake in Shoprunner in this latest round. Shoprunner represents a strategic investment for Alibaba, as it offers a viable competitor to Amazon Prime and can help familiarize Alibaba with the US market.
➤ Alibaba Leads $206 Million Investment in ShopRunner [WSJ]
Thumbnail image credit: Flickr / Charles Chan
