Alibaba's Koubei seen raising US$1 billion to fund expansion

Hong Kong

ALIBABA Group Holding Ltd's affiliate Koubei is seeking to raise US$1 billion of funding as it steps up its battle with China's other web giants for neighbourhood services, according to people familiar with the matter.

The company is seeking a valuation of US$8 billion in the fund-raising, which will help it expand into more cities and add users, the people said, asking to be not named because the matter is private.