China-based online services reviewing platform Dianping has closed an $850m series E round backed by investors including smartphone manufacturer Xiaomi, the Wall Street Journal has reported.
The round also included internet company Tencent, conglomerates Wanda Group and Fosun Group, Singaporean state-backed fund Temasek Holdings and private equity firm FountainVest Partners.
Reports in mid-March claimed Dianping was set to raise $850m in its latest round, but the funding was confirmed on March 27 after late demand from investors postponed the close, according to a person familiar with the matter.
Founded in 2003, Dianping runs an online reviews platform linked to a group buying business, and focuses primarily on restaurants. It attracted about 190 million monthly active users as of the fourth quarter of 2014.
Dianping raised the funding at a $4.05bn valuation, people familiar with the situation told the WSJ. Tencent acquired a 20% stake in Diaping in February 2014 for an undisclosed amount reported to be up to $500m.
Internet company Google invested $4m in Dianping’s $25m series B round in 2007, part of the $185m Dianping raised from backers also including Trust Bridge Partners, Sequoia Capital, Qiming Venture Partners and Lightspeed Venture Partners prior to Tencent’s investment.