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China Local Services Giant Meituan-Dianping Raises $4 Billion at $30 Billion Valuation

China Local Services Giant Meituan-Dianping Raises $4 Billion at $30 Billion Valuation

 China’s local services giant, Meituan-Dianping raised $4 billion, valuing the company at almost $30 billion. The funding came from a group of investors including Tencent and Priceline.  Other investors are Sequoia Capital, GIC, Tiger Global Management, Sequoia, GIC, Canada Pension Plan Investment Board, Trustbridge Partners, Coatue, IDG, Tiger Global, and China-UAE Investment.

“Meituan-Dianping, the local services giant of China, raises $4 billion that values the firm at $30 billion”

Meituan-Dianping is an e-commerce firm and provides movie ticketing, food delivery, restaurant bookings, beauty services, travel and luxury goods. The company plans to allocate the new capital to its in-store dining, lifestyle and entertainment, on-demand delivery and travel and leisure units. It currently has 280 million users on its platform.

Source: Reuters, Techcrunch

 

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