China-based travel booking platform developer Huoli Tianhui has raised RMB933m ($143m) in a series C round co-led by travel-focused conglomerate HNA Group, China Money Network reported today, citing an article on Tencent Technology.
HNA, which participated through its HNA-Caissa Travel tourism and travel agency services subsidiary, co-led the round with the Chinese state-mandated Civil Aviation Development Fund. It valued Huoli Tianhui at $332m post-funding.
The round also included Dapeng Air Service, which acts as an airline subsidiary of HNA, as well as Beijing Civil Aviation Heyuan Investment Center, Caissa Shijia Asset Management Partnership and Matrix Partners China, according to Marbridge Consulting.
A spokesperson for HNA-Caissa Travel Group told Marbridge it paid RMB250m for an 11.6% stake in Huoli Tianhui.
Huoli Tianhui is the operator of Hangban Guanjia, an app that enables users to track and book tickets for flights and trains. It also offers links to hotel, airport shuttle and restaurant bookings.
The funding will be used by Huoli Tianhui to dismantle its variable interest entity structure as it prepares to float in its home country. The company has not disclosed information regarding its earlier funding, which China Money Network reported came from Matrix Partners and Sequoia Capital.