Tencent leads round for Chinese rural e-commerce site
Tencent Holdings and Taiwan-based semiconductor manufacturer MediaTek have led a round of funding - reportedly worth more than $200 million - for Mmb.cn, a Chinese mobile e-commerce platform catering to rural consumers and urban migrants. Existing investor Sequoia Capital also participated.
Mmb claims to be the only platform of its kind serving "grassroots groups," such as farmers and rural dwellers, migrant workers, and lower income urban residents. It estimates there are 500 million such...
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