China-based travel website Qyer has raised $60m in a series D round led by travel agency UTour International Travel Service, China Money Network reported yesterday.
UTour invested $25m in return for a 5.5% stake, acquiring both newly issued and existing shares. SIG Asia Investments, the regional investment arm of quantitative trading firm Susquehanna International Group, and an unnamed investor also participated in the round.
The stake held by e-commerce firm Alibaba, which led Qyer’s $10m series B round in 2013, will be reduced from 28.09% to 24.7%, though it is unclear whether UTour purchased any shares from Alibaba or whether the reduction is purely due to dilution.
Founded in 2004, Qyer operates an online agency focused on overseas travel. The company will collaborate with UTour to integrate each other’s resources, products and distribution channels into their respective platforms.
TBP Capital previously invested an undisclosed amount in Qyer’s 2012 series A round. Qyer has not disclosed details about its series C round.