Alibaba Capital and Citi Ventures Lead Series D Funding into China’s DDMap

Just six months after Chinese deals and listings company DDMap attracted $40 million in funding, it has now wrapped up another major round, now series D, that was led by Alibaba Capital, the VC arm of e-commerce giant Alibaba, and CitiGroup’s (NYSE:C) Citi Ventures.

The amount of this new funding hasn’t been revealed, but it’s a major vote of confidence in one of China’s top local and O2O startups. DDMap has daily deals, local listings, and discount coupons for major retailers across China. These also appear in a suite of useful and good-looking apps for iOS, Android, Windows Phone, and Symbian.

DDMap CEO Xu Longjiang said that the funding will also see a stronger partnership with Alibaba – which also owns China’s top e-payments service, Alipay – and that will enable his company to grow faster.

Alibaba Capital’s MD, Zhang Hongping, confirmed the strength of the tie-up in yesterday’s announcement, and said that DDMap is well placed at the nexus of the mobile web and the O2O sector in China.

DDMap’s discount shopping app, DDCoupons (pictured above), now has a claimed 13 million users making user of coupons from 100,000 merchants in 38 Chinese cities. The app has also bolstered its location-based features in recent updates, and now can push relevant deals and coupons to shoppers when they come within three kilometres of partner merchants.

[Source: JFDaily – article in Chinese]