Rumor: Alibaba Invests in Budget Travel Site

Netease Tech, 6/24/13

Academic portal Dxy.cn's Feng Dahui reported via a post on his Tencent (0700.HK) WeChat (Weixin) mobile messaging platform that Chinese e-commerce conglomerate Alibaba Group has invested in budget overseas travel site Qyer.com. When contacted for confirmation, a Qyer.com representative said that the company was in the process of seeking investment, and that Alibaba would be one of the investors. Alibaba declined to comment on the rumor.

Founded in 2008 by Beijing-based Qiongyou Tianxia Technology Development, Qyer.com offers travel planning services and booking for tourist destination tickets, transportation, and accommodation services. More than 80% of the company's revenues come from commissions on hotel bookings, airline tickets, and travel insurance products. Qyer has previously received investment from Trust Bridge Partners.

Editor's Note: For more information on this topic, please see "Bing Partners with Chinese Budget Travel Site," MD 6/08/13 issue.

Keywords: online travel funding Internet Trust Bridge Feng Dahui Qyer Alibaba Group Qiongyou Tianxia

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