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Meituan Dianping raised $4 billion in valuations $30 billion

Meituan Dianping announced it has raised US$4 billion of Series F financing led by Tencent Holdings, Sequoia Capital and Priceline Group. The food platform, retail up to movie tickets based in Beijing has just become the fourth most valuable startup in the world in valuations US$30 billion under Uber, Didi Chuxing and Xiaomi.

Tinuku Meituan Dianping raised $4 billion in valuations $30 billion

Meituan Dianping announced a new fund of US$4 billion to develop artificial intelligence technology, delivery using drones and global expansion. Canada Pension Plan Investment Board, Trustbridge Partners, Tiger Global Management, Coatue Management and Singapore's GIC also participated in the latest funding.

Meituan Dianping is a company founded by Wang Xing in 2003 to serve food to buyers' homes, sell groceries and movie tickets, provide restaurant reviews, and market discounts to consumers using the smartphone platform.

The company has experienced mergers by Meituan.com and Dianping.com in 2015 that created leading players for Internet-based services booked through smartphone apps and has a market share of more than a billion people in China.

Xing started Meituan.com in 2010 as a purchase site similar to Groupon where users get discounts to buy food or order restaurants. Dianping.com was founded in 2003 in Shanghai serving reviews of other local restaurants and businesses. Both have US$15 billion when joining in 2015.

Meituan Dianping has grown far beyond its original business. Customers in China order hot food, groceries, massages, haircuts, manicures at home or in the office and car wash service while working and parked on the street. It currently has annual active users of 280 million and 5 million merchants.

Meituan Dianping faces competition by Alibaba Group and JD.com. Xing said plans to spend hundreds of millions of dollars over the next three to five years to become a leading travel booking site and explore opportunities to collaborate with Priceline as part of an investment to compete Ctrip.com International supported by Baidu.

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