Meituan Dianping has raised $3.3 billion

Meituan Diaping fundraising

China’s largest food delivery and group buying company announced yesterday it has raised more than $3.3 billion in one of the country’s largest internet funding rounds. The fundraising by Meituan Dianping, created in October by a merger, is the latest sign that money is still pouring into China’s “online to offline” sector despite the lack of concrete profits… The group, which functions as China’s equivalent of Yelp and Groupon combined, has previously been backed by Alibaba, but the Chinese ecommerce group said in November it planned to sell its stake in the company… Meituan’s merger with Dianping took place despite concerns that both companies were spending too much on subsidies and discounts. The “online to offline” sector… is the fastest growing part of China’s internet economy.

 

Charles Clover

Food4Brains

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