Alibaba Makes Additional Investment In ShopRunner
ShopRunner, an American online shopping company and competitor to Amazon, has gained investments of USD206 million in the latest financing round, which is reportedly led by China's Alibaba Group.
This represents a major U.S. move for the Chinese e-commerce group, who is considering an initial public offering in the country.
Prior to this, Alibaba already made investment in ShopRunner, which offers unlimited two-day shipping for retailers, including Toys-R-Us and RadioShack, for a USD79 annual fee. American Express also owns a small stake in ShopRunner.
The financial details about Alibaba's investment in ShopRunner was not revealed; however, it is said the group's investment will account for a major part of the total financed capital.
Media reports in August 2013 disclosed that Alibaba planned to invest USD70 million in ShopRunner.