(Yicai Global) Oct. 19 -- Meituan Dianping, the largest Chinese Internet+Life Service platform owned by Beijing Sankuai Technology Co. (Meituan), has completed its new round of financing of USD4 billion and its estimated value has now hit USD30 billion.
This financing was led by Tencent Holdings Ltd. [HK:0700], which introduced a new strategic investor -- The Priceline Group. Main investors included famous domestic and foreign institutions, such as Sequoia Capital, Government of Singapore Investment Corp. (GIC), Canada Pension Plan Investment Board, Trustbridge Partners, Tiger Global Management, Coatue Management and China-UAE Investment Cooperation Fund, as Meituan.com officially announced Oct. 19.
After this financing round, Meituan Dianping will increase its input into research and development of advanced artificial intelligence and unmanned distribution technology to extensively expose high-tech to ordinary people and further promote the upgrade of the modern service industry.
The Priceline Group not only became a new investor in Meituan Dianping, but also achieved important strategic cooperation with Meituan Travel, the travel platform under Meituan, to jointly develop the expansive future market for China's inbound and outbound tourism and around the globe.
Meituan Dianping provides high-quality service to 280 million annual active buyers and 5 million annual active stores, public data shows. Meituan Dianping is taking a leading position in the catering, meal delivery service, hotel tourism, cinema, family activities and entertainment sectors.