Happy Snake Year to 360Buy, for Its $700m New Round of Funding in Pocket to Burn

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According to Sina, the leading online 3C retailer, 360buy has just confirmed its new round of funding of $700 millions! The news has been confirmed by 360buy today which is the first working day for Chinese after the Chinese new year holiday, so likely, 360buy will be having a happy Snake year.

The news also mentioned that $400m of this new round from Ontario Teachers’ Pension Plan had actually been secured back in November 2012, which gave 360buy $7.25b valuation. Besides Ontario Teachers’ Pension Plan, 360buy now has one more new board member, Kingdom Holdings Company.

Rumor said 360buy was planning its IPO last year, and it was denied by 360buy. Now, 360buy says the new round will be used for new business development and improvement of its logistic system. So we would not see its IPO this year for sure, then the question is obvious, when can we see it? Let me remind you that in early 2011, 360buy’s raised last round, which is $1.5 billion!