Tencent Tech, 3/12/15
Chinese online ratings and group buy site Dianping may soon complete a USD 850 mln Series E round of funding, say industry sources.
Dianping originally only intended to raise USD 300 mln to avoid diluting existing stakeholders' shares, but following Chinese group buy site Meituan's securing of USD 700 mln, Dianping had no choice but to increase the amount, revealed a person familiar with the matter.
It was previously reported in February that Dianping entered into talks with potential institutional investors, including Singapore-based sovereign wealth fund Temasek Holdings, private-equity firm Fountainvest Partners, and Chinese conglomerate Wanda Group. Existing investors would also have a chance to contribute more.
Editor's Note: For more background on this topic, please see "Update: Online Ratings Site Dianping to Raise USD 800 Mln Series E" MD 2/17/15 issue, and "Group Buy Site Meituan Wins USD 700 Mln Funding" MD 01/19/15 issue.