Pursuits
Meituan, Dianping Said Seeking to Raise Up to $3 Billion
- Group-buying sites backed by Alibaba, Tencent announced merger
- Tencent said to continue to invest in new funding round
This article is for subscribers only.
China’s largest group-buying platforms, backed by Internet titans Alibaba Group Holding Ltd. and Tencent Holdings Ltd., are seeking to raise between $2 billion and $3 billion in new funds, according to people familiar with the matter.
Meituan.com and Dianping.com, which announced their merger earlier this month, will use the money to fund expansion, the people said, asking to not be identified because the matter is private. Tencent plans to invest in this round, the people said.