Yang Haoyong, CEO of Ganji, told local media that the classifieds service raised a total of $90 million in two rounds in 2012. (in Chinese) One was from CITICPE and the other was from OTTP and Macquarie. Prior to the two rounds, the company had raised three rounds that totaled $98 million.
As it was reported 58.com, Ganji’s direct competitor, was planning for IPO, Yang said Ganji didn’t have that plan in near future.
He also claimed that the service managed to turn a profit at the end of 2012 and 2013 would be a profitable year.
As we discussed before, the Chinese classifieds sites burned through too much money, could hardly turn a profit and were faced with a handful of problems. The new funding, Yang added, Ganji would be spent on advertising and product differentiation in order to gain the leading position — currently it’s hard to say who, Ganji or 58, is the No. 1 in terms of market share.
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