Dianping takes bite of food takeout
Print Edition
DIANPING.COM, a Shanghai-based restaurant review and coupon website, announced yesterday that it will invest in an online food ordering service to penetrate China’s takeout market valued at 70 billion yuan (US$11.2 billion) annually.
A group led by Dianping will invest a total of US$80 million in food takeout website Ele.me, which means “Are You Hungry?” in Chinese. Ele.me aims to issue an initial public offering within three years after the investment, both sides said in a statement yesterday.
Dianping’s takeout service will cover 50,000 restaurants in 30 cities nationwide, including Shanghai and Beijing, after the Ele.me investment. With Dianping’s huge user base and restaurant resource, Ele.me’s daily order volume will hit 1 million next year compared with 100,000 orders now, according to Dianping.
“Dianping plans to establish a open platform to offer best O2O, or online to offline, services to consumers,” said Jiang Yueping, vice president of Dianping.
Food and restaurant consumption volume is expected to hit 700 billion yuan in 2016 from 450 billion yuan last year. The takeout service accounts for 10 percent of the total market, which means its revenue will hit 70 billion yuan, analysts said.
In February, Internet giant Tencent Inc bought a 20 percent stake in Dianping in an undisclosed deal. But it may be worth US$400-500 million, according to industry insiders.
Dianping, China’s largest website for location-based food and entertainment services similar to Yelp Inc and Groupon Inc in the United States, has more than 100 million registered users.
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