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November 14, 2009

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Qunar gets 3rd infusion of venture funds, a domestic search engine portal for hotels and flight bookings, said it has secured US$15 million of venture capital which will be used to boost technology and expand market share.

The latest infusion is the third round of financing by GGV Capital and earlier investors including Mayfield Fund, GSR Ventures and Teneya Capital, the Website said on Thursday.

Established in 2005, the Website received a total of US$17 million in the first and second rounds of financing.

"The online booking market has a huge potential in China's mainland market, and the business model of Qunar will speed up the development of the industry," said Fu Jixun, a GGV Capital partner who will join the board of directors.

The value of China's online booking market jumped 32 percent to 100 million yuan (US$14.6 million).

Zhuang Chenchao, co-founder and president of Qunar, said the firm is already profitable. It may launch a share sale in late 2010 or early 2011, according to an official from its marketing department.


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