The recent IPO of China’s top online classifieds site has sparked new competition in this very unsexy sector. Today Ganji revealed it has pulled in a sixth round of funding worth US$200 million in order to keep pace with 58.com, its NYSE-listed rival. Craigslist is a very minor player in China mostly just used by expats.
Ganji – which lists everything from jobs to cars for sale, rentals to used smartphones – got its newest financing from US-based Tiger Fund and the Carlyle Group, reports the Tencent Tech site this morning.
Ganji started up in 2005 and has attracted nearly US$200 million from its previous five rounds of financing. The next logical step might be an IPO of its own.
Tencent Tech reports that job listings, daily deals, and short-term home rentals bring in most of Ganji’s revenue. It’s not clear if the site is pulling in a profit. Ganji also owns the Airbnb-esque Mayi site.
Online classifieds sites in China haven’t had the same level of success as ecommerce marketplaces in the country and remain an undesirable shopping resort for most people.Editing by Josh Horwitz