Dianping, the China-based operator of a restaurant listings and review platform, has begun talks with investors including internet portal Tencent concerning an $800m series E round, the Wall Street Journal reported yesterday.
Wanda Group, the conglomerate that formed an e-commerce joint venture with Tencent and internet company Baidu in December, is also a prospective investor in the round, as are Singaporean state-backed investment fund Temasek and private equity fund Fountainvest Partners.
Dianping began life in 2003 as a reviews site for local services but has since concentrated its business to focus on the food sector. It reportedly recorded around 190 million active monthly users in the fourth quarter of last year.
Tencent acquired a 20% stake in Dianping in February 2014 for an undisclosed amount estimated by Chinese media outlet Sina to be about $500m. The two have since collaborated on several initiatives, co-investing in wifi network operator WiWide and online food delivery platform Ele.me in the past three months.
Prior to Tencent’s funding, Dianping had raised more than $185m from diversified internet company Google, Trust Bridge Partners, Sequoia Capital, Qiming Venture Partners and Lightspeed Venture Partners.
Dianping’s fundraising follows a $700m round raised by Meituan, a local rival that focuses on group buying, but which also boasts a range of links to local services, last month.