(Yicai Global) Feb. 14 -- A unit under Alibaba's payment arm Ant Financial Services Group has penned a deal to plow CNY200 million (USD32 million) into smart parking operator Shenzhen Shunyitong Information Technology Co.
Shanghai Yunxin Venture Capital Co., an indirect division of Alibaba Group Holding Ltd., penned a deal with Shunyitong's parent company Shenzhen Jieshun Science and Technology Industry Co., the latter said in a statement. The buyer will take a 20-percent stake in the previously wholly-owned unit.
Shunyitong provides smart parking services that help drivers locate nearby car parks, make mobile payments and get discounted rates. It profited CNY1.9 million on CNY50 million of revenue last year.
Smart parking is a key area of development for Shenzhen Jieshun, it added, saying the investment will allow the company and its new investor to combine their strengths and accelerate the industry.