China’s Trip-backed LvYue raises over $100m from Tencent, Goldman, others

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Hotel group LvYue, a strategic investment arm of Trip.com (earlier known as Ctrip Group), has raised an undisclosed amount in its Series A and A+ round led by Tencent, Sequoia Capital, Baidu Capital and Goldman Sachs, according to an announcement.

The round also saw the participation of Ocean Link, Citic Trust, Oriza Holdings and Caissa Travel. The deal size is understood to be over $100 million, per its statement.

Fanzhuo Capital acted as the financial advisor and facilitated the transaction.

LvYue, that believes in the concept of ‘every hotel is unique’, is an internet travel service provider led by Mark Zhang. It innovates internet technologies to transform the traditional hotel industry, thereby integrating hotel management, IT and trading and procurement.

Established in 2016, LvYue is currently present in 10 countries in countries such as Japan, South Korea, Thailand and India.

Going forward, by the end of this year, it expects its network to exceed 2,600 hotels from the current number of 1,900 hotels.

The funding raised will help the company spruce up its innovations and ramp up its self-dependent e-platforms besides building its brand marketing and accelerating its expansion in India and beyond.

For the uninitiated, LvYue Group made a foray into India earlier this year and is currently operating out of Dehi-NCR. It is said to be scouting for properties in the northern part of the country in a bid to expand its operation.

“Goldman Sachs has a positive outlook for both China and global travel destination markets, and will support LvYue to further expand its business throughout China and abroad,” said Stephanie Hui, managing director and co-head of principal investment area at Goldman Sachs in Asia Pacific, in a statement.

LvYue operates as many as six subsidiaries that cover luxury to economy hotels. Its brands are Flora (boutique holiday resorts), Vyluk (mid-scale hotels), Urba (mid-range city hotels), Suoxing (hotels meant for the cost-conscious traveller), Suoxing (which offers a choice for modern mid-scale properties) and BeU (that is an economy business hotel).

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.

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.