Tencent-backed Meilishuo is set to be acquired by its competitor Mogujie in a stock deal, and the $3bn merged company could raise up to $250m in the aftermath.

The fashion rental startup has raised funding from investors including Credit Saison, Nakazono Holdings and Terrada Warehouse.

The flash sales platform had raised $290m in venture funding, and was valued at $1bn in a SoftBank-led round in 2011.

Existing investor Kunlun Tech has provided $27m for the round, which the instalment buying platform is raising as it gets ready for a flotation in China.

Travel agency UTour has led a fourth funding round for the Alibaba-backed travel and tourism website by purchasing both new and existing shares.

Liquor Easy offers express delivery of alcoholic drinks to consumers and will use the cash to expand further across China.

Luxury goods company LVMH has joined Groupe Arnault and Catterton, two firms it already backs, to set up a private equity firm focused on the consumer sector.

Pejman Mar Ventures' University of California, Berkeley competition awards $250,000 to Dotdashpay and creates two new prizes for Tinkering Labs and Thera.