The online food ordering service is looking to raise the cash at an $800m valuation in order to split off from its parent company, internet services provider Baidu.
Baidu Waimai, an online food ordering platform spun out of China-based internet company Baidu, is seeking to raise $200m in funding, Tencent Technology has reported.
The round is being raised in order to establish Baidu Waimai as a separate entity from its parent company. It will reportedly value the spin-out at $800m, though no potential investors have yet been disclosed.
Baidu Waimai, which was launched in May 2014, takes food or drinks orders from users’ smartphones before dispatching one of…
