Alibaba Pictures Group said today that a new round of funding has put a value of $2.1 billion (RMB13.7 billion) on its Taobao Movie ticketing business. The service received a Series A infusion of $260 million led by CDH Investments, Ant Financial Services Group and Sina.com. Other investors include Hehe Pictures, Bona Film, Huace Media, Nanpai Entertainment and Union Pictures.
“The completion of this Series A Financing demonstrates that the business strategy, market prospects and operational capability of Taobao Movie has been well recognized by the industry,” Alibaba Pictures CEO Zhang Qiang said. “With the support of more abundant resources and capital, we will continue to create greater value for our partners, investors and the market.”
Launched in late 2014, Taobao Movie offers ticketing and seat-selection services in more than 5,000 theaters through China, covering 95% of the country’s box office. Alibaba Pictures acquired the company from Alibaba Group at the end of 2015.