The Tencent-backed restaurant and services reviews site is set to close an $850m round, just over a year after it raised funding at a reported $2.5bn valuation.
China-based restaurant listings and reviews platform Dianping is set to close an $850m series E round featuring commercial property conglomerate Wanda Group, QQ Tech reported today.
The round will also feature Singaporean state-backed investment fund Temasek Holdings and private equity and banking firm Hina Group, as well as undisclosed existing investors.
The company, reported to be raising $800m by the Wall Street Journal last month, raised more than $185m from internet company Google, Trust Bridge Partners, Sequoia Capital, Qiming Venture Partners and Lightspeed Venture Partners, before internet portal Tencent paid a reported $500m for a 20% stake in February 2014.
Dianping operates a listings and review site and app for general services, but with a particular focus on restaurants. It reached 190 million active monthly users in 2014, and 85% of its 12 billion monthly views are from mobile.
Since Tencent’s investment, Dianping’s service has been incorporated into WeChat, the online messaging service run by Tencent which has almost 470 million monthly active users.
