Guazi Completes Another Round of Financing

Sep 28, 2016

BEIJING, Sept. 28, 2016 /PRNewswire/ -- 58.com Inc. (NYSE: WUBA) ("58.com"), China's largest online marketplace serving local merchants and consumers, today announced that Guazi.com Inc. ("Guazi"), the Company's minority-owned market-leading consumer-to-consumer (C2C) used car trading platform, recently closed another round of equity financing from Matrix Partners China and Blue Run Ventures. Following the closing, 58.com holds a 34% stake in Guazi on a fully diluted basis.

Guazi is a rapidly growing, market-leading C2C used car trading platform which directly links individual car sellers and buyers. Guazi expects used car transaction volumes to grow rapidly and is expanding into transactional services. Guazi plans to invest in enhancing its brand image, upgrading its technology and strengthening its used car and auto-industry partner network. With a strong focus on technology and efficient management of its sales channels, Guazi offers an exceptional customer experience that helps create the industry standard.

Mr. Michael Jinbo Yao, Chairman and CEO of 58.com commented, "This new round of financing will allow Guazi to solidify its market leading position, strengthen its used car network and increase its topline growth. 58.com is committed to finding new and creative ways to support Guazi as it expands its innovative online used car business and develops new business models." 

About 58.com Inc.

58.com Inc. (NYSE: WUBA) operates China's largest online marketplace serving local merchants and consumers, as measured by monthly unique visitors on both its www.58.com website and mobile applications. The Company's online marketplace enables local merchants and consumers to connect, share information and conduct business. 58.com's broad, in-depth and high quality local information, combined with its easy-to-use website and mobile applications, has made it a trusted marketplace for consumers. 58.com's strong brand recognition, large and growing user base, merchant network and massive database of local information create a powerful network effect. For more information on 58.com, please visit http://www.58.com.   

Safe Harbor Statements

This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. 58.com may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about 58.com's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: 58.com's goals and strategies; its future business development, financial condition and results of operations; its ability to retain and grow its user base and network of local merchants for its online marketplace; the growth of, and trends in, the markets for its services in China; the demand for and market acceptance of its brand and services; competition in its industry in China; its ability to maintain the network infrastructure necessary to operate its website and mobile applications; relevant government policies and regulations relating to the corporate structure, business and industry; and its ability to protect its users' information and adequately address privacy concerns. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and 58.com does not undertake any obligation to update such information, except as required under applicable law.

For more information, please contact:

58.com Inc.
ir@58.com

Christensen

In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
E-mail: lbergkamp@ChristensenIR.com

SOURCE 58.com


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