Singapore state investment fund Temasek Holdings Pte Ltd is among several investor that participated Chinese restaurant-review and group-buying services app Dianping Holdings Ltd’s latest $800 million funding round, a report said.
The other investors participating in the fundraising round include Internet company Tencent Holdings Ltd, Temasek Holdings, private-equity firm FountainVest Partners and Chinese conglomerates Wanda Group and Fosun Group, the report added quoting an unnamed executive familiar with the development.
Tencent already holds a minority 20 per cent stake in Dianping. Last year, Huai River Investment Ltd, a wholly owned unit of Tencent, had bought into Dianping, the latter announced. At that time,Sina.com had reported that the Tencent may invest as much as $500 million in Dianping, without revealing the source of the information.
The same report also said that in the ‘in the fourth quarter, Dianping had more than 190 million monthly active users and over 60 million reviews of restaurants and other local businesses’, and attributed this information to details provided by the company.
In China, Tencent, Alibaba and Baidu are referred to as the ‘Big 3’ in the Internet space, and they have been fiercely battling with each other across several online sectors, for customers.
At the same time, there have also been instances where they have collaborated, as the recent case, where two of China’s biggest taxi apps – Alibaba backed Kuaidi Dache and Tencent backed Didi Dache – completed a merger last week.