IDG Capital is reportedly in talks to lead a new funding round in Meituan-Dianping, China's largest on-demand local services provider.
The round is reportedly worth around US$3 billion to US$5 billion, and will value the start-up at around US$25 billion, up 40% from its previous valuation of US$18 billion when it raised US$3.3 billion in January 2016.
Tencent Holdings Ltd. and Tiger Fund may also be participating in the round, according to media reports citing insiders.
The funding round would likely support Meituan-Dianping’s efforts to compete with its rivals Koubei and Ele.me, both of which are backed by Alibaba Group Holding Ltd. This May, Ele.me reportedly raised a US$1 billion funding round from Alibaba and Ant Financial.
China's local service online-to-offline industry's transaction value reached RMB726 billion (US$1...
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