Online ticketing platform was launched in 2014 and is now one of the biggest ticket-sellers in China.
Alibaba Pictures has raised $260m (RMB1.7bn) for Taobao Movie in a financing round that values the online ticketing platform at $2bn (RMB13.7bn).
The Series A financing was led by CDH Investments, Ant Financial Services Group and Sina.com. Other investors include Hehe Pictures, Bona Film Group, Huace Media, Nanpai Entertainment and Union Pictures.
Launched in late 2014, Taobao Movie has grown quickly to become one of the biggest online ticketing platforms in China, where more than 70% of movies tickets are bought online. It provides online ticketing and seat selection services in more than 5,000 cinemas.
Zhang Qiang, CEO of Alibaba Pictures, said: “The completion of this Series A Financing demonstrates that the business strategy, market prospects and operational capability of Taobao Movie has been well recognised by the industry. With the support of more abundant resources and capital, we will continue to create greater value for our partners, investors and the market.”
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