China Minsheng Investment Group, one of the country’s largest private investment group, has led a RMB1.8 billion ($262 million) pre-IPO investment round in Chinese peer-to-peer lending company Tuandaiwang.
Other investors in this round include Beijing Yisheng Innovation Technology and Beihai Hongtai Investment.
This investment brings the company’s value up to RMB10 billion ($1.46 billion), said a report in China Money Network.
Tuandaiwang operates a P2P lending platform, which enables users to lend their saving at a higher investment return rate than traditional saving rates. It claims that individuals and companies have borrowed around RMB78 billion ($11.4 billion) since its launch in 2012 and lenders can make RMB2.3 billion ($335 million) in returns.
The company said that it would spend this proceeds on the platform’s development and investment in other tech assets.
The investors in its previous rounds with a combined funding of RMB675 million include JD Capital, Dongguan Securities and Giant Investment.