The Alibaba-backed group buying company raised the cash at a $7bn valuation, and is planning to go public sometime after 2016.
Meituan.com, the China-based group buying website backed by e-commerce company Alibaba, raised $700m in series D funding yesterday from undisclosed investors at a $7bn valuation.
Founded in 2010, Meituan initially provided a daily deals service similar to US-based Groupon, but has since expanded to a group-buying e-commerce model that is focused on services rather than physical goods.
Meituan raised $300m in May 2014 from Alibaba, General Atlantic and Sequoia Capital, after securing $50m from Alibaba, Northern Light Venture Capital, Walden…
