Dianping Invests RMB 50 Mln in Food Ordering App 'Dazuiba'
Sohu IT, 5/14/14
Shanghai-based Tongchi Network Technology, developer of mobile food ordering and bill payment app "Dazuiba" ("Big Mouth"), has announced the receipt of RMB 50 mln in strategic funding from Chinese online ratings and group buy site Dianping, marking Tongchi Network's first round of funding since its establishment in June 2013. Dianping's stake in Tongchi Network following the investment has not yet been disclosed.
Dazuiba is a food ordering and payment app, available in separate customer and merchant editions. Li Qi, founder of Dazuiba and CEO of Tongchi Network, formerly served as COO of Chinese e-commerce conglomerate Alibaba Group. Dazuiba co-founder Andrew Teoh was previously VP and Head of Corporate Finance and Treasury at Alibaba Group, and previously founded Ameba Capital, a private equity fund focused on early-stage tech investments. According to Teoh, Dianping will share its merchant and user resources with Dazuiba, as well as integrate Dazuiba services directly into the Dianping mobile client.
Dianping's investment in Dazuiba follows a USD 80 mln investment earlier this month in Rajax Information, operator of online food ordering platform Ele.me, spurring rumors that Dianping may be looking to build the company's own food ordering and delivery platform.
Editor's Note: For more background on this topic, please see "Dianping Ads WeChat Pay, Alipay Support for Restaurant Reservations" MD 3/12/14 issue and "Update: Dianping Invests USD 80 Mln in Ele.me" MD 5/06/14 issue.
Keywords: Dazuiba Tongchi O2O Li Qi funding investment wireless Dianping online ratings Andrew Teoh first-round group buying mobile application
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