Tech in Asia

Alibaba confirms $1.1b funding for local services spin-off

Steven Millward, reporting for Tech in Asia;

Alibaba today confirmed months of rumors that it has raised US$1.1 billion in funding for its spin-off Koubei business, which helps people find deals at restaurants, KFC, gyms, karaoke bars, and other local venues. (Hat-tip to TechCrunch’s Jon Russell for noticing this.)

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