Sina Tech, 7/05/11
Chinese group buy site Meituan has announced that it recently obtained an eight-digit USD sum in second-round funding, led in part by Meituan's first-round investor, Sequoia Capital.
Meituan said that it will release further details sometime this week.
Meituan CEO Wang Xing said that the overall depressed state of capital markets has persisted for nearly two months, leaving investors feeling cautious and making it much more difficult at this stage to begin financing talks.
Wang said that the fund had been received in full. He also predicted that group buy websites will see a slump in growth beginning at the end of this year. "Everyone with a group buy website is seeing profit right now," Wang said. "And the spending we're seeing reflects that. Venture capitalists will be more discriminating from now on, and only the best group buy websites will survive."
Editor's Note: An industry source told Sohu Tech that Meituan has just completed second-round funding valued at USD 50 mln, led in part by Chinese B2C e-commerce conglomerate Alibaba Group. Both Meituan and Alibaba declined to comment on the latter's role in this round of funding for Meituan.