China-based online travel search engine Qunar is set to form a RMB 1bn ($160m) incubator and venture fund that will fund travel-based startups, China Money Network reported yesterday citing local media reports.
The fund will invest sums ranging from RMB 500,000 to eight-figure renminbi amounts in early-stage startups and entrepreneurs who have promising ideas.
Qunar raised $167m from an initial public offering in November 2013, which followed a $57m investment by Hillhouse Capital Management and GSR Ventures in April that year. Internet services provider Baidu had paid $306m for a majority stake in Qunar in 2011.