Chinese e-commerce platform Meituan-Dianping, which was born from the merger of a food delivery group and restaurant review app and claims a user base of more than 260 million shoppers, has raised $4 billion in investment to expand its business in hotel reservations, ride-hailing, and restaurant bookings.
Priceline Group participated in this round with a $450 million investment, adding to its presence in China already reflected in its Ctrip stake. Its Asia-focused Agoda brand will add its overseas inventory to Meituan-Dianping’s Travel & Leisure division, which sells lodging for domestic and international travel to Chinese consumers and booked more than 18 million accommodation nights in July alone – but only has about 200,000 foreign hotels listed on its platform.
