Patrick Frater Asia Bureau ChiefJapanese e-commerce and entertainment group Rakuten is to receive a $2.2 billion (JPY242 billion) capital injection through a share sale headed by Japan Post, Chinese social media and entertainment group Tencent and Walmart.The move is intended to help the e-commerce leader strengthen itself and weather competition from Amazon.
It comes after Rakuten slipped into loss last year.Rakuten, which owns video streaming services operating across 12 countries in Europe and Rakuten Viki, is also trying to compete against larger companies on its home turf with its own mobile phones service.Under the share deal Japan Post will cement its logistics alliance with Rakuten and buy an 8.3% stake.
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