China-based local listings and group buying company China Internet Plus Holdings has raised more than $3.3bn in new funding from undisclosed investors, it confirmed to Tech in Asia today.
The firm counts internet company Tencent and e-commerce group Alibaba as investors, and was created when group buying company Meituan merged with local listings and reviews platform Dianping in October 2015, at which time it was valued at $15bn.
Meituan runs a group buying platform focused on services and experiences. It had raised $1.1bn from Alibaba, General Atlantic, Sequoia Capital, Hillhouse Capital, Fidelity Management and Research, Northern Light Venture Capital and Walden International prior to the merger.
Dianping operates a local listings and reviews site, and had secured in excess of $1.5bn from Tencent, smartphone producer Xiaomi, conglomerates Wanda and Fosun, Sequoia, Temasek, FountainVest Partners, TrustBridge Partners, Qiming Venture Partners and Lightspeed Venture Partners.
Reports last month suggested China Internet Plus had raised $2.8bn in new funding, with Tencent investing a further $1bn, DST Global $350m, TrustBridge Partners $150m, and additional contributions coming from China International Capital and Capital Today.
Alibaba was also said to be interested in divesting a stake in China Internet Plus worth $1bn, but no new details have been provided. Meituan and Dianping are continuing to operate separately for now, so it is also unclear how the cash will be divided.