Tom Group, which saw its net loss widen in 2013, expects its joint venture with China Post to expand in 2014 as a result of the new financing. Moreover, Ule has gained four new investors and put the ecommerce platforms valuation at USD 830 million.
China Post remains Ules major shareholder, with a 44.24% stake, Tom follows next with 42.51%, while the new investors have a combined 13.25%.
Ule provides a business-to-consumer ecommerce platform that supports online and offline store integration, distribution and logistics, and promotion to over 5,000 merchants in 31 provinces. Its gross merchandise volume rose to USD 235 million (CNY 1.43 billion) in 2013 from about USD 82 million CNY 500 million) in 2012.
Ule is backed by China Posts independent resources. These include 52,000 postal outlets, 40,000 Postal Savings Bank branches, 150,000 postal delivery workers, 50,000 direct-sales staff, 80,000 postal vehicles, 433 train carriages and 18 cargo aircraft.
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