Baidu Waimai, the China-based online food ordering service launched by internet company Baidu, has raised $70m in a round led by restaurant chain Ajisen (China) Holdings China Money Network reported today.
Ajisen provided $60m through its Ajisen Investments subsidiary, and private equity firm Hina Group invested the other $10m.
The two have jointly acquired a stake in Baidu Waimai sized at less than 10% in the transaction, according to a regulatory filing.
Baidu Waimai operates an online platform through which users can order food to be delivered by local restaurants and fast food outlets. It is currently present in 90 Chinese cities.
The funding was disclosed three weeks after reports suggested Baidu Waimai was seeking to raise $200m at an $800m valuation.
The Ajisen and Hina investments suggest the valuation was accurate, but Baidu Waimai has not revealed whether it will be raising additional capital.
News of the funding came three days after parent company Baidu revealed it plans to spin out the platform into an independent company, along with desktop theme subsidiary 911 Desktop.