China's Kingsoft Cloud raises $60m
Kingsoft Cloud Group, a cloud computing unit owned by China’s Kingsoft, has raised $60 million in a Series C round of funding from a group of investors including IDG Capital Partners.
According to a filing, the Hong Kong-listed parent company will invest $31.1 million, while an investment entity named ChinaAMC Special Investment will commit $26.31 million. Existing investor IDG has agreed to put in $2.59 million.
Kingsoft will remain the controlling shareholder of the cloud unit, taking a 51.83% stakes, while IDG owns 4.32%.
Kingsoft Cloud provides cloud-based hosting, storage and database services. It posted a net profit of RMB129.03 million ($20 million) in 2014, compared to a loss of RMB61 million in 2013. Chinese smart phone maker Xiaomi acquired a 10% stake in the then nascent business for $1.82 million in December 2012. Last year in March, Kingsoft Cloud raises $52.66 million in a Series B round led by IDG.
Kingsoft Cloud is one of several subsidies that Kingsoft spun out so they could operate with greater independence. The three major business arms are enterprise software division Kingsoft Office Software, security software provider Kingsoft Internet Security and entertainment software developer Kingsoft Entertainment.
The latest round of funding for Kingsoft Cloud will be used to support its business development.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.