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Tencent acquires taste for Dianping
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Tencent Inc has bought a 20 percent stake in Shanghai-based dianping.com, a website offering services like restaurant reviews and online coupons.
Although both parties didn’t reveal the value of the investment, it may be worth US$400 million to US$500 million, according to industry insiders and previous media reports.
Huai River Investment Ltd, a wholly owned unit of Shenzhen-based Tencent, will buy new shares in Dianping, China’s largest website for location-based food and entertainment services similar to Yelp Inc and Groupon Inc in the US.
China’s top-three Internet giants Tencent, Alibaba and Baidu have acquired companies to offer users better O2O (online to offline) services.
“The O2O and mobile Internet have changed people’s daily life. The cooperation from Tencent will offer users better services,” said Zhang Tao, founder and chief executive of Dianping.
Both parties will integrate their resources that include Tencent’s social platforms QQ and WeChat with more than 600 million users and Dianping’s nearly 100 million users and over 10 million shop partners in 2,000 cities nationwide.
It was the latest deal in the Chinese dot-com industry, following Baidu.com Inc’s acquisition of coupon services website Nuomi.com and Alibaba Group’s purchase of map website AutoNavi.
Meanwhile, Dianping will continue developing independently and eyes an initial public offering, said Zhang, who declined to elaborate.
Venture capital firms, including Sequoia Capital Operations LLC and Lightspeed Venture Partners, have invested in Dianping, which was founded in 2003.
Tencent, Asia’s largest Internet firm by market value, has invested in taxi hailing application, e-commerce and mobile payment. It competes with Alibaba to offer location-based services in a market of more than 500 million users.
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