BEIJING, Sept. 28, 2016 /PRNewswire/ -- 58.com Inc. (NYSE:
WUBA) ("58.com"), China's largest
online marketplace serving local merchants and consumers, today
announced that Guazi.com Inc. ("Guazi"), the Company's
minority-owned market-leading consumer-to-consumer (C2C) used car
trading platform, recently closed another round of equity financing
from Matrix Partners China and Blue Run Ventures. Following the
closing, 58.com holds a 34% stake in Guazi on a fully diluted
basis.
Guazi is a rapidly growing, market-leading C2C used car trading
platform which directly links individual car sellers and buyers.
Guazi expects used car transaction volumes to grow rapidly and is
expanding into transactional services. Guazi plans to invest in
enhancing its brand image, upgrading its technology and
strengthening its used car and auto-industry partner network. With
a strong focus on technology and efficient management of its sales
channels, Guazi offers an
exceptional customer experience that helps create the industry
standard.
Mr. Michael Jinbo Yao, Chairman
and CEO of 58.com commented, "This new round of financing will
allow Guazi to solidify its market leading position, strengthen its
used car network and increase its topline growth. 58.com is
committed to finding new and creative ways to support Guazi as it
expands its innovative online used car business and develops new
business models."
About 58.com Inc.
58.com Inc. (NYSE: WUBA) operates China's largest online marketplace serving
local merchants and consumers, as measured by monthly unique
visitors on both its www.58.com website and mobile
applications. The Company's online marketplace enables local
merchants and consumers to connect, share information and conduct
business. 58.com's broad, in-depth and high quality local
information, combined with its easy-to-use website and mobile
applications, has made it a trusted marketplace for consumers.
58.com's strong brand recognition, large and growing user base,
merchant network and massive database of local information create a
powerful network effect. For more information on 58.com, please
visit http://www.58.com.
Safe Harbor Statements
This press release contains forward-looking statements made
under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "confident" and similar statements. 58.com may also
make written or oral forward-looking statements in its reports
filed with or furnished to the U.S. Securities and Exchange
Commission, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Any statements
that are not historical facts, including statements about 58.com's
beliefs and expectations, are forward-looking statements that
involve factors, risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Such factors and risks include, but not limited to the
following: 58.com's goals and strategies; its future business
development, financial condition and results of operations; its
ability to retain and grow its user base and network of local
merchants for its online marketplace; the growth of, and trends in,
the markets for its services in China; the demand for and market acceptance of
its brand and services; competition in its industry in China; its ability to maintain the network
infrastructure necessary to operate its website and mobile
applications; relevant government policies and regulations relating
to the corporate structure, business and industry; and its ability
to protect its users' information and adequately address privacy
concerns. Further information regarding these and other risks,
uncertainties or factors is included in the Company's filings with
the U.S. Securities and Exchange Commission. All information
provided in this press release is current as of the date of the
press release, and 58.com does not undertake any obligation to
update such information, except as required under applicable
law.
For more information, please contact:
58.com Inc.
ir@58.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
E-mail: lbergkamp@ChristensenIR.com
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SOURCE 58.com