58.com Acquires Minority Stake In To8to For $34 Mln - Quick Facts

(RTTNews) - 58.com Inc. (WUBA) said it has acquired a minority stake in To8to, an online interior decoration service platform in China. 58.com paid about $34 million in cash for a minority stake.

Founded in Shenzhen in 2008, To8To is an online interior decoration service platform that connects home owners with interior decoration companies, designers and construction material providers.

To8to also offers offline construction supervision, and 'ZhuangXiuBao,' a product in the form of escrow funding that protects consumers' rights and ensures quality renovations.

China eCapital Corporation served as financial advisor to To8to for this transaction.