China’s largest food delivery and group buying company announced on Tuesday it has raised more than $3.3bn 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.
A Meituan Dianping spokesman confirmed the amount of the fundraising but would not say what valuation it represented. Tencent, the Chinese social media and gaming company, took a 20 per cent stake in Meituan last year and was understood to be aiming to increase it.
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