<article>Chinese tech giant <a href="https://www.dealstreetasia.com/tag/Alibaba">Alibaba Group</a> has picked up a stake in local home furnishing services startup Many Craftsmen, according to a statement.</article>

Chinese tech giant <a href="https://www.dealstreetasia.com/tag/Alibaba">Alibaba Group</a> has picked up a stake in local home furnishing services startup Many Craftsmen, according to a statement.
An Alibaba representative declined to disclose the amount of funding, but according to a Chinese government website, the e-commerce major purchased a minority stake of 20 per cent in Many Craftsmen, which values the company at 2.37 million yuan ($353,000).
The funding will be used to expand Many Craftsmen&#8217;s service network across the country and to train and upskill its staff.
&#8220;We are pleased to extend our New Retail strategy further into the home-improvement area through this partnership with Many Craftsmen. Tmall is working closely with Many Craftsmen to combine its online expertise with the latter&#8217;s offline services, providing more-convenient and faster services for consumers,&#8221; said Alibaba.
Alibaba said its partnership with Many Craftsmen began in 2014 when the startup&#8217;s sub-brand &#8216;DBMO&#8217; established its flagship store on Tmall, Alibaba&#8217;s B2C online website.
Based in Zhengzhou, Many Craftsmen focuses on lighting installation, maintenance, and home improvement services. The company, which is a one-stop for home service outlets, has a presence in more than 300 cities in China.
Many Craftsmen has also partnered with 6,000 brands, providing bathroom hardware, and other utilities such as racks, lamps, and electronic door locks.
Alibaba sees massive potential in the domestic home improvement market and has already backed a few companies in the space. In February last year, the e-commerce giant purchased a 15 per cent stake in Beijing EasyHome Furnishing Chain Store for 5.45 billion yuan ($812 million). EasyHome is a leading home improvement supplies and furniture chain operator in the country.
The tech major also invested $25 million in online home renovation platform 007 eService in November last year.
China&#8217;s home furnishing market is estimated to touch $669 billion in value this year, according to estimates by research platform Lyou.
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The funding will be used to expand Many Craftsmen's service network across the country and to train and upskill its staff.

Alibaba backs home furnishing services provider Many Craftsmen

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Alibaba backs home furnishing services provider Many Craftsmen

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