Alibaba Group: 2 bln yuan are enough to make e-commerce monster of Taobao.com

One of the biggest Asian companies and the leading e-commerce company of China Alibaba Group has decided to develop a well-known Taobao.com, online C2C auction unit, and to invest 2 bln yuan in that project.

According to the calculations of the Chinese giant 2 bln yuan will help Taobao.com to build a mature online C2C business chain that is also profitable for them.

"We will use up the entire 2 bln yuan within five years and we expect trading volume will surpass Ebay.com and Amazon.com in five years," Ma Yun, CEO of Alibaba Group.

Taobao.com is a young developing company that shows a significant progress. So, today the number of the registered customers is 67 mln, and more than 10 mln people click on the site daily. According to Alibaba Group those 2 bln yuan will be enough to rise Taobao.com to the upper level.