Chinese local listing site 58.com, which Tencent holds a stake in, is among the most active investor and acquirer of Chinese internet startups this year in an attempt to drive its O2O initiative.

A total of $1.5 billion USD funding was injected in various projects since the beginning of this year, said 58.com Chief Strategy Officer Chen Xiaohua to local media. Among these is 58.com’s merger with its arch-rival Ganji this April which terminated the decade-long battle between China’s two largest classified sites.

As O2O model gains momentum in China, 58.com’s O2O initiative continues to gain traction among local advertisers, and this has prompted the firm to expand footings in all O2O-related space. 58.com launched an ambitious plan to invest in 100 O2O startups.

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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.