Meituan-Dianping, a Chinese service-focused e-commerce platform, raised $4 billion in a Series C financing.
This round was led by Tencent with participation from new investor The Priceline Group and other key investors Sequoia Capital, GIC, Canada Pension Plan Investment Board, Trustbridge Partners, Coatue Management, IDG Capital, Tiger Global Management, and China-UAE Investment Cooperation Fund.
The company intends to use the funds to further strengthen its market-leading positions of its four business groups: In-Store Dining, Lifestyle & Entertainment, On-Demand Delivery, and Travel & Leisure.
Led by Wang Xing, CEO, Meituan-Dianping, Meituan-Dianping is a service-focused e-commerce platform, connecting more than 280 million young annual active buying consumers with more than five million annual active local merchants across 2800 cities in China, from tier one cities to minority counties, processing 21 million orders on a single day.
The company offers a daily life services platform featuring four major business groups:
– In-Store Dining, a comprehensive online dining platform in China;
– Lifestyle & Entertainment (previously “In-Store Others”), an online market leader across multiple verticals, including weddings, beauty, mom & kids, KTV, renovation, and other leisure and entertainment services;
– On-Demand Delivery, a delivery platform; and
– Travel & Leisure, with offerings covering accommodation, domestic travel, outbound travel, and transportation.