Ontario Teachers leads funding round for China’s 360Buy.com

360Buy confirmed the new financing round to local media Yicai, which reported that the OTPP contributed $250 million, with the remainder committed by existing investor Tiger Global. Other market sources have put the round at $400 million, suggesting that Tiger Global's contribution is $150 million instead of $50 million.

Established in 2004, 360Buy has been expanding at more than 200% annually over the past five years. In 2011, the Chinese e-commerce platform had revenues of close to RMB30 billion ($4.7 billion).

Last March, the company received a $1 billion round from Tiger Global, DST Advisors, Baidu founder Robin Li and a number of undisclosed investors. Tiger Global also led a $150 million round in January 2010. Other early investors include Bull Capital, Capital Today and Luminary Capital.

OTPP is arguably the most aggressive direct investor in Asia among the North American pension funds. In the first half of 2012 alone, it teamed up with Hastings Fund Management to acquire a 50-year lease on Sydney Desalination Plant for $2.35 billion and then bought a 9.9% stake in Korea's Kyobo Life Insurance for $398 million.

The pension fund is also planning to open a Hong Kong office next year as part of efforts to diversify its investments. Its domestic counterpart, Canada Pension Plan Investment Board, has already set up a presence in Hong Kong to support its activities in the region.

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• Topics
• Greater China
• Consumer
• Expansion
• OTPP
• Tiger Global Management
• China
• Consumer
• TMT