Chinese Classifieds Site Raises $15 Mln

Marbridge Consulting reported that online Chinese classifieds site announced that it raised $15 million in second-round funding.'s CEO Yao Jinbo said that the company was already  in 321 cities in China.  It is estimated that has over 20 million registered users.  According to the Marbridge brief, the company intends to use the new funds towards expansion in second and third tier cities across China.

The company’s new equity structure following the investment was not revealed at the time of the announcement, but the company claims it maintained control.

The Marbridge brief reported "Yao said that's current revenue streams are mainly from merchant payments, membership fees, ad sales, and affiliate promotion with search engines. Yao revealed that the company’s 2009 operating revenues reached tens of millions of RMB, and that the company’s revenues are expected to break RMB 100 mln this year."

The full story can be viewed here.