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China's Meituan-Dianping raises over $3.3 billion in funding round

Published 01/18/2016, 09:52 PM
Updated 01/18/2016, 10:00 PM
© Reuters.  China's Meituan-Dianping raises over $3.3 billion in funding round
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BEIJING (Reuters) - Chinese Internet company Meituan-Dianping, akin to a mix of Yelp, GroupOn and food delivery, said on Tuesday it has raised more than $3.3 billion in a funding round, as the firm takes on a slew of rivals in a fiercely competitive domestic market.

A spokeswoman confirmed the news to Reuters but declined to disclose details on Meituan-Dianping's valuation.

The company was formed in October when Meituan, backed by Alibaba Group Holding Ltd (N:BABA), and Dianping, which is backed by Tencent Holdings Ltd (HK:0700), merged.

In November, The Wall Street Journal and Financial Times reported that Alibaba is seeking to sell its stake in the firm.

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