Bertelsmann, Joyy and Tencent-backed group buying platform Tongcheng Life has joined forces with Suning-backed peer Lininlyi in a deal that involved a nine-figure dollar investment.
Tongcheng Life, a China-based group buying platform backed by corporates Bertelsmann, Joyy, Legend Holdings, LY and Tencent, has merged with Linlinyi, a peer that counts retailer Suning as an investor, 36Kr reported on Friday.
Bertelsmann Asia Investments (BAI), a regional investment vehicle for media conglomerate Bertelsmann, joined Xianghe Capital and Oriza Holdings to provde hundreds of millions of dollars in series C-plus funding for the merged company as part of the deal.
Tongcheng Life and Linlinyi both operate online platforms…
Thierry Heles
Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
