China-based Meituan Dianping, a goods and services platform backed by Tencent and Google, was valued at $53 billion after raising $4.2 billion from an IPO in Hong Kong, various reports stated.
The valuation is a considerable jump from October 2017 when it was valued at $30 billion after raising $4 billion in a Series C funding round.
Meituan Dianping says it is the “Amazon of services”, offering a variety of booking services covering film tickets, holidays and taxis. It was formed in 2015 by the merger of two smaller companies, Meituan and Dianping.
It plans to use the funds from the IPO to upgrade its technology, develop new products and services, and make acquisitions and investments.
Given it offers so many services, Meituan Dianping also has many competitors. In the food delivery space it competes with Ele.me which is backed by Chinese giant Alibaba Group, while when it comes to taxi-booking its rivals include Didi Chuxing.
Financial Times reported Meituan Dianping is still running at a loss and does not expect to be profitable for several years.Subscribe to our daily newsletter Back