Shanghai Securities News, 7/01/08
B2B business travel company Intohotel is rumored to be on the verge of announcing a USD 30 mln first-round of VC funding from Kleiner Perkins Caufield & Byers (KPCB) and Zero2IPO.
At the same time the Fosun Group, the Industrial and Commercial Bank of China, Alibaba (1688.HK), Geely Automobiles, the Jingong Group, the Fapai Group, Holley, the DVN Group and Softbank are also set to sign service deals with Intohotel. According to conservative estimates, these firms spend RMB 600 mln on business travel annually. Intohotel says it already has 5,000 firms signed up and using its services.
Editor's Note: For more background on this topic, please see "Intohotel Provides Corporate Online Travel Service" MD 1/09/08 issues and "Intohotel Receives Funding from Hangzhou Government" MD 6/11/08 issues.