The corporates joined KKR to supply $300m to 58.com's local services subsidiary, which is now valued at $1bn.

Quikr, which is also raising cash at a $1.5bn valuation, is set to acquire the Google-backed property listings platform for about $160m in cash and stock.

Womai.com, the food and beverage-commerce platform formed by state-backed firm COFCO, has closed a series C round co-led by Baidu and Taikang Life Insurance.

The merger of Dianping and Meituan is emblematic of the consolidation in China's internet sector, where growth is essential to prevent being overtaken by businesses with bigger wallets.

The firm is now seeking $20m for the fund, and Genting and GS Home Shopping are reported to be among its limited partners.

Lippo is the largest investor in the newly launched venture capital firm, which is also taking on the conglomerate's existing corporate venturing portfolio.

The healthcare consultancy platform has received pre-series A funding from investors reportedly including media conglomerate Bennett Coleman.

Furniture manufacturer Spacewood has received $14m from the wood materials supplier, also now a strategic partner, in return for a 26% stake.

Infosys co-founder Kris Gopalakrishnan has joined IDG Ventures India, a corporate venturing affiliate of International Data Group.