US$3.3b investment
Print Edition
CHINA Internet Plus Group, a merger of Dianping.com and Meituan.com, yesterday said it raised US$3.3 billion in the latest round of financing, the biggest investment in the Chinese Internet industry.
The investors included Tencent, DST and TBP Capital, which valued the firm at US$18 billion after the financing.
The firm has more than 150 million mobile users of online services covering restaurant, film, hotel, travel and entertainment. Its transactions hit 170 billion yuan (US$26 billion) in 2015.
The firm will focus on the online-to-offline (O2O) market targeting consumers who increasingly use smartphones to seek information and deals on food and entertainment.
The tie-up poses a threat to Internet giant Baidu which has also invested about 20 billion yuan over the past three years in its own local services and group buying website Nuomi.com.
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