Internet portal Tencent has acquired a 20% stake in China-based restaurant listings and review platform Dianping for an undisclosed sum, Bloomberg has reported.
Although the size of investment is undisclosed, Dianping may have received up to $500m, according to Chinese media outlet Sina. Tencent acquired the stake through investment holding subsidiary Huai River Investment.
Launched in 2003, Dianping initially operated a review platform for local businesses but later pivoted to focus on the food sector.
The company counted some 190 million active users in the fourth quarter of 2014 and its users have written a total of more than 30 million reviews covering 2,300 cities.
Dianping previously raised more than $185m from investors including internet company Google, Trust Bridge Partners, Sequoia Capital, Qiming Venture Partners and Lightspeed Venture Partners.