Xiaozhu.com, a Beijing-based booking website for daily rental and short-term rooms, has completed its Series C and Series D round of $65 million from a group of investors, according to an article in China Money Network.
As per the report, the Series C round was led by Capital Today, and Joy Capital and Bertelsmann Asia Investments (BAI) co-led the Series D in which Morningside Ventures, Capital Today and Heyu Capital also participated.
The funding will be utilise to develop the company’s brand and improve user experience.
Xiaozhu was launched in 2012 and was founded by Chi Chen. It aims to provide a guaranteed platform for online communication and transactions for landlords and tenants. It operates under a C2C business model similar to US-based Airbnb, which allows homeowners to post properties that are available as vacation or business rentals.
The company claims to feature listings for one lakh homes in more than 250 Chinese cities.
In 2013, the rental booking platform Xiaozhu had bagged its Series A round from Morningside and had raised a $15 million in Series B round was led by Legend Capital in 2014.
In a recent development in the rental space, CDL China Limited (CDL China), a wholly owned subsidiary of City Developments Limited (CDL), announced to invest 100 million yuan ($15 million) for a 20 per cent stake in Chinese online apartment rental platform mamahome.