Alibaba’s local commerce platform Koubei raises $1.1 billion
China's Alibaba has announced that its affiliate focused on enabling local commerce Koubei raised $1.1 billion (₹7,500 crore) in equity financing led by Silver Lake, Yunfeng Capital and Primavera Capital. The Wall Street Journal had reported that Koubei would be valued at nearly $8 billion (₹54,475 crore) after fresh funding. The round marks Koubei's first funding from external investors.