58 Home, or 58 Daojia Inc., the on-demand service subsidiary of China’s Craglist, 58.com, has announced US$300 million in series A funding from Alibaba Group, global investment firm KKR and Chinese insurance magnet Ping An Group at a valuation of more than US$1 billion. Upon the completion of this funding, 58.com will maintain majority ownership of 58 Home.

58 Home will continue to enhance the platform with further investments in marketing, research and development, and other operating initiatives, according to an official statement from the company.

Founded in September 2014, 58 Home is a multi-category local services platform that provides information on and access to offline services such as cleaning, moving, babysitting, beauty care, and many other categories in approximately 30 cities in China. With its location-based order processing system, 58 Home’s platform directly connects customers to the nearest independent service providers.

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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.