Friday, May 10, 2013
Confirmed: Alibaba Group Takes $294M, 28% Stake In China's Navigation/Location Services Specialist AutoNavi, As It Gets Down To Business On Mobile
Alibaba Group is
reportedly now the largest single shareholder in AutoNavi, a Beijing-based maker of electronic navigation tools and location-based services. The Chinese Internet giant has formed a strategic alliance with AutoNavi, on the back of a $294 million investment. This gives it a 28% stake in the navigation company, which is China's largest, with 116 million users of its free mobile app and 56 million monthly active users and providing mapping data for iOS, Google Maps and Baidu, among others.