BEIJING, March 9, 2015 /PRNewswire/ -- 58.com Inc. (NYSE: WUBA) ("58.com") today announced that it has acquired a minority stake in To8to, a major online interior decoration service platform in China. 58.com paid approximately US$34 million in cash for a minority stake.
Founded in Shenzhen in 2008, To8To is an online interior decoration service platform that connects home owners with interior decoration companies, designers and construction material providers. To8to also offers offline construction supervision, and 'ZhuangXiuBao,' a product in the form of escrow funding that protects consumers' rights and ensures quality renovations.
Mr. Michael Jinbo Yao, Chairman and CEO of 58.com, commented, "Interior design is a massive and rapidly growing business in China. With extensive experience in this category, To8to is the ideal partner for 58.com to collaborate with as we seek new ways to deepen and expand our online-to-offline ("O2O") business model. Integrating To8to's interior decoration O2O services into our platform will greatly benefit both companies and further enhance the overall user experience. 58.com's traffic, resources and management expertise will also strengthen To8to's competitiveness. By continuing to innovate new products and selectively invest in complementary platforms such as To8to and Edaijia, we hope to build a larger and more comprehensive local services ecosystem in China."
China eCapital Corporation served as financial advisor to To8to for this transaction.
About 58.com Inc.
58.com Inc. (NYSE: WUBA) operates China's largest online marketplace serving local merchants and consumers, as measured by monthly unique visitors on both its www.58.com website and mobile applications. The Company's online marketplace enables local merchants and consumers to connect, share information and conduct business. 58.com's broad, in-depth and high quality local information, combined with its easy-to-use website and mobile applications, has made it a trusted marketplace for consumers. 58.com's strong brand recognition, large and growing user base, merchant network and massive database of local information create a powerful network effect. For more information on 58.com, please visit http://www.58.com.
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