1919.cn, a Chinese online spirits shop has secured an investment of CNY 2 billion from Alibaba, announced the company on October 18.
The investment makes Alibaba the second largest shareholder of 1919.cn, the largest domestic alcoholic e-commerce platform, taking up 29% of its shares.
Founded in 2006, the alcohol retailer is now valued around CNY 7 billion after its series C round of fundraising. The new fund will mainly cover the wine retailer’s expenditure and its working capital as it expands.
Source: Tencent Tech