wordpress blog stats
Connect with us

Hi, what are you looking for?

Ant Financial raises $4.5B to invest in infrastructure

Alibaba Group’s Ant Financial has raised $4.5 billion from China Investment Corp Capital, National Social Security Fund, China Development Bank Capital, Primavera Capital Group and CCB Trust, including $1 billion from CIC Capital reports Reuters. It will use the funds for investing in other businesses with the Alibaba Group and in infrastructure like cloud computing and risk control. 450 million active users Ant Financial will also bring ‘strategic partners’ from China’s financial sector to expand its rural reach and acquire other companies. A year ago, Ant Financial had raised $2 billion, and its Alipay services accounted for 58% of all online payments in China. Alipay was spun off from Alibaba and renamed Ant Financial in 2014. Ant Financial claims to have 450 million active users and is now valued at $60 billion, up from its previous valuation of $45 billion. It has plans for an IPO in China as well as globally, however a timeline for the IPO has not been mentioned. Also read: Alibaba launches SMILE program for SMEs; Hindi version coming soon The company’s previous fundraise was led by China’s national social-security fund, with participation from China Life Insurance and state postal service China Post Group, which also increased their stakes in the current $4.5 billion round. It was split from Alibaba Group before the group’s IPO in September 2014. Both Alibaba and Ant have invested in Chinese food delivery app Ele.me, while Ant Financial has invested in Postal Savings Bank of China. Ant Financial was founded in…

Please subscribe/login to read the full story.
Written By

I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

Free Reads

News

Telecom companies are against a regulatory sandbox, as they think information revealed by businesses during the sandboxing process might be confidential should be out...

News

According to a statement, the executive body of the European Union had also sought internal documents on the risk assessments and mitigation measures for...

News

The newly launched partially open-sourced LLM Grok-1 can be commercially used but not trademarked.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ