Dianping attracts US$850m in new funding
Print Edition
DIANPING.COM, a Chinese version of Yelp and Groupon, has raised US$850 million in a latest round of financing, media reported yesterday, citing the company’s internal sources.
Two industry sources confirmed to Shanghai Daily that Dianping has garnered US$850 million in the latest round of funding, and one of the investors is Xiaomi, a leading China-brand smartphone vendor.
Dianping declined to comment on the issue.
“For Dianping, it’s a year of accelerating business growth in 2015,” Chief Executive Officer Zhang Tao said earlier.
Dot-com giant Tencent Inc invested in a 20 percent stake in Shanghai-based Dianping at the end of 2013.
Chinese online coupon firms including Dianping and Meituan have attracted increasing investment as investors hope to tap the booming O2O (online-to-offline) prospects.
Dianping is China’s largest website for users to seek location-based food and entertainment services similar to Yelp and Groupon in the United States.
Besides online booking deals for restaurants and hotels, Dianping aims to create O2O services for consumers as it seeks to expand in the marriage, tourism and cinema sectors.
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