Ule, an-ecommerce platform jointly established by state-backed China Post and TOM Group in 2010, reportedly secured $110 million of financing from unnamed investors at a valuation of $830 million (via Sina Tech).

After the investment, China Post’s stake in the joint venture reduced from 51% to 44.24%, but it is still the largest shareholder of Ule. TOM owns 42.51% stake in the company, down from 49% before the deal. The new investors will hold a combined 13.25% stake.

The website offers wide range of products including home goods, foods, infant and mother care, personal care, fashion and electronic goods etc. Ule has launched Youxnp, an e-commerce site for green agricultural products which target at high-end customers. It also has a dedicated channel for bulk purchase of government agencies and state-owned enterprises.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.