China-based online holiday booking portal Lailaihui.com has received RMB 100 million ($16.3m) in series B financing, China Money Network reported on Friday.
The money came from conglomerate Fosun International’s venture capital arm, Fosun Venture Capital, and asset fund manager CDH Investments.
Lailahui, which is affiliated to Beijing Lailai Website Network Technology, previously received $1m in series A funding from CDH Investments and Unity Ventures in February 2014. Founded in January 2014, the business operates as a budget tourism website and claims to have a monthly turnover of approximately RMB 10m ($1.6m).
Lailahui founder Le Kang said at the time of the February investment that the company planned to improve its after-sales service and launch new travel packages.
Figures from the China Tourism Academy show income from Chinese domestic tourism for the first half year of 2014 will increase by 14.8% to reach an aggregate of RMB 1.6tn ($260bn).