According to reports, Beijing Wangluo Tianxia Shenghuo Technology – in English GroupNet – a Chinese company that operates group buy sites QQ Tuan, Ftuan and Gaopeng, recently raised $40m in new funding.
Backers were not known.
The company intends to use the capital to acquire additional group buy sites.
According to GroupNet CEO Lin Ning, the site 24Quan could be a target of a possible acquisition. 24Quan was once China’s fifth largest daily deals site but it is said to have difficulties right now.