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January 7, 2017

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Investment boosts dining app’s value

SHANGHAI-BASED dining application Meiweibuyongdeng is now worth 3 billion yuan (US$434 million) after a new round of financing from investors including Alibaba and CCTV, it said yesterday.

The new investment totals “several hundred million” yuan from investors including Alibaba and China Television Media, a listed subsidiary of China’s state-owned central television CCTV, said Xie Xinfa, chief executive of Meiweibuyongdeng, which means “No Waiting for Delicious Food.”

Xie did not disclose the exact amount of investment.

The app has now received funds from the top three Chinese Internet giants — Baidu, Alibaba and Tencent or BAT.

The firm running the app will use the capital to improve features to meet various demand from consumers such as allowing them to book tables in restaurants similar to booking seats in cinemas.



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