Airbnb ultimately got critical in regards to the chinese market this yr, and now its chief rival within the country — Tujia — has tapped investors for $ 300 million greater to sharpen its focal point on global markets.
the brand new funding values Tujia at $ 1.5 billion, the startup established. That’s a large leap on the $ 1 billion it commanded when it ultimate raised in 2015, however the enterprise goes to the company’s on-line reserving company, which turned into decoupled from its offline unit previous this yr.
CEO Luo Jun spoke of the money would go to “optimizing the user experience with the aid of standardizing facets of our option trip lodgings — comparable to linen washing, cleanliness, and sensible capabilities — [and to] additional invest in the domestic high-end real property market and in international markets.”
The funding became led through on-line commute giant Ctrip — the Nasdaq-listed company that works in partnership with Tujia — and All-Stars investment, with participation from China Renaissance’s New economic climate Fund and G road Capital. apparently, Glade Brook, which is additionally an investor in Airbnb in addition to Uber, become involved in the circular, too.
Tujia claims it has racked up one hundred eighty million downloads to date with “a few hundred thousand clients making booking inquiries daily.” The enterprise observed it presently covers 345 destinations in China, and more than 1,000 distant places because of partnerships like its relationship with Rakuten in Japan. In total, it claims some 650,000 listings. Airbnb doesn’t provide numbers for China, but global it says it has 4 million listings across 65,000 cities.
Tujia has been busy on M&A recreation after it snapped up smaller rival Mayi.com in June. Airbnb had been linked with a China-primarily based acquisition of its own, however rumors of a deal to purchase Xiaozhu certainly not got here to fruition.
The company’s investors say they’re bullish that the chinese language market can grow to be as massive because the U.S., giving Tujia the opportunity to turn into as massive as Airbnb.
“The change in chinese language attitudes towards consumption has been accompanied by means of the continual growth of brief-time period choice accommodation items. The domestic e-lodging sharing market resembles Airbnb and identical agencies in its fast increase, fitting in only a short while a necessary part of the commute lodging business,” Ctrip govt chairman of the board James Liang observed.
That observation become echoed by using Glade Brook, the Airbnb investor.
“We see tremendous growth in China’s online short time period condo market and are expecting it to attain similar penetration stages of accommodations bookings as within the U.S. and Europe,” brought Glade Brook founder and chief investment officer Paul Hudson in an announcement.
Featured graphic: shankar s./Flickr under A CC by using 2.0 LICENSE (picture HAS BEEN MODIFIED)
https://tctechcrunch2011.files.wordpress.com/2017/10/china-tourism.jpg?w=210&h=158&crop=1
Fundings & Exits – TechCrunch
Facebook
Twitter
Instagram
Google+
LinkedIn
RSS