Alibaba-backed Koubei invests in Shanghai restaurant booking app

A customer counts Chinese Yuan notes at a market in Beijing, August 12, 2015. REUTERS/Jason Lee

Koubei, a search engine backed by Alibabahas teamed up with Chinese fund, Zhongshi Capital to invest in Meiweibuyongdeng, a Shanghai-based restaurant booking app, according to a report in China Money Network.

Meiweibuyongdeng app helps restaurants manage customer flow better and it allows users to reduce their waiting time.

The investment will be used to boost marketing and product promotion, increase the feature of the app and development of a new product. The round values Meiweibuyongdeng at $443 million, as per the report.

Meiweibuyongdeng to date has 10 million mobile app users and has serviced 60,000 restaurants across 200 cities.

Prior to the investment, in October 2015, the company raised $72 million from Meituan Dianping, backed by Tencent Holdings Ltd and Baidu Inc, a Chinese web service company.

Before that, it raised $20 million from Tiantu Capital, a private equity and venture capital firm specializing in SMEs. The investment also includes several million from Matrix Partners China focusing on early stage investments.

Koubei, on the other hand, has also been seeking fund raising since October 2016 for about $1 billion to speed up its rivalry with other web giants to gain more users in other cities, a report by Bloomberg mentioned.

Also Read:

Alibaba plans to raise around $1b for Koubei: Report

China: Alibaba to sell stake in Meituan, focus on Koubei for local services

China’s search engine Sogou eyes $5b US IPO to chase rival Baidu

 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.