Temasek among investors in Dianping’s $850m funding round

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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 Wall Street Journal in a recent report said Shanghai-based startup Dianping had raised $850 million from a group of investors including smartphone maker Xiaomi Corp.

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.

In January, Dianping’s competitor Alibababacked Meituan.com had raised $700 million in a new financing round that valued the restaurant review firm at $7 billion.

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.

Also Read:

Dianping in talks to raise $800m from investors including Tamesek

Current valuations for internet, e-commerce & taxi apps don’t matter if you pick winner: Temasek

 

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.