Alibaba’s cloud computing giant has announced that it has raised a $1.2 billion Series A round led by Microsoft, with an aim to scale up its cloud computing platform to a billion users in the next two years.
Alibaba, which was founded in 2006 and has grown into one of the largest e-commerce platforms in the world, has already been acquiring companies from its rivals like Amazon and eBay.
Alibaba has also been building its own cloud computing infrastructure and is working on building its first-party cloud platform for consumers.
It said in a statement that it was investing in its own products and services, and the company will continue to invest in cloud services as it develops new products.
Alibaba is expected to report third-quarter results on February 21.
Al-Wafa Group announced the same day that it had raised $3.4 billion in new funding.
Al Jazeera’s Jonathan Head, reporting from New York, said that Alibaba had raised a lot of money but it had to be able to scale the scale of its offerings.
Alibaba had originally announced a deal to buy Twitter back in March and it was also reported that Twitter had raised about $4 billion from investors including Google and Amazon.