Chinese Startup Meituan Dianping Raises $4 Billion
Meituan-Dianping, a company formed by a multi-billion dollar merger in 2015, said today that it has raised a $4 billion Seres C round from a group of investors led by existing backer Tencent.
 
Meituan-Dianping, which had already accumulated US$3.3 billion in funding before today’s injection, claims it has “the largest service-focused ecommerce platform in China.”
 
Meituan-Dianping is also battling a wide variety of other apps, such as Ele.me, the top service devoted just to speedy meal deliveries. Alibaba has invested over US$2 billion in Ele.me.

Meituan-Dianping said it plans to allocate the new capital to its in-store dining, lifestyle and entertainment, on-demand delivery and travel and leisure units. In the case of that travel unit, which launched back in May, it has teamed up with Priceline to work with its Agoda.com service to give it a boost.

Beyond those staples areas, it said it plans to invest in AI and other technologies that help tailor its wide selection of deals to suit individual user tastes. It is also eyeing new verticals “with high potential” where it can expand its existing focus on deals.

“We pride ourselves on being a global pioneer that is creating one-stop service offerings under a unified platform,” CEO Wang Xing said in a statement.

“Customers are able to access various types of services, from restaurant reservations to on-demand delivery, hotel and travel bookings, and entertainment, all through a single mobile application,” he added.

Recent reports pegged it as high as $30 billion. The company was valued at $18 billion 18 months ago.
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