Friday, March 1

Tag: Meituan-Dianping

China’s Meituan Dianping Raises $4.2 billion in Hong Kong IPO
Market

China’s Meituan Dianping Raises $4.2 billion in Hong Kong IPO

Meituan Dianping, Chinese online food delivery-to-ticketing services company has reportedly raised $4.2 billion in the world's largest internet-focused IPO in four years. Tencent Holdings-backed Chinese firm sold about 480 million primary shares at HK$69 ($8.79) each in the Hong Kong IPO. This IPO valued the company at around $52.8 billion. "Since the stock priced at the upper end of the range, it suggests institutions are holding a more positive view on the company and on this type of new economy IPOs," said Steven Leung, sales director at brokerage UOB Kay Hian. The funds collected by the company will help them to fortify itself against tough competition from its main competitor, food-delivery platform Alibaba-backed Ele.me. Both of these platforms, in a tough battle for market shar...
Meituan-Dianping Aims to Raise $4.4 billion from IPO
Market

Meituan-Dianping Aims to Raise $4.4 billion from IPO

China’s food delivery and restaurant review major Meituan-Dianping said it aims to raise up to $4.4 billion (roughly Rs. 31,400 crores) for its initial public offering (IPO) in Hong Kong. Instead of a not-so-effective response to other recent IPOs in the city, the company is planning to go public. With the IPO, Meituan will offer 480.27 million new shares at a range of HK$60 ($7.64) to HK$72 apiece. The company stated that they are making losses and also said that it could not guarantee profitability in future despite of having hundreds of millions of users on its platform. Talking about the company, Meituan.com was founded in 2010 by CEO Wang Xing and was merged with comment-rating platform Dianping Holdings in 2015. The company has been backed by internet giant Tencent and provi...
Alibaba to Merge China’s Food Delivery Units To Surpass Meituan
CHINA

Alibaba to Merge China’s Food Delivery Units To Surpass Meituan

China’s largest conglomerate Alibaba Group is planning to bring together and merge its food delivery units. The units that are getting merged are food delivery platform Ele.me and food and lifestyle services firm Koubei. The purpose behind this move is to raise funds for the combined business and also to intensify the battle with Tencent-backed Meituan Dianping which is the company’s rival. With this merger, Alibaba Group is expecting to raise between $3 billion and $5 billion for the combined entity, and according to the sources, the entity could be valued at up to $25 billion. "Alibaba and Meituan are the two main companies that can offer comprehensive O2O services," said Mo Jia, a Shanghai-based research analyst with technology consultancy Canalys. "Alibaba's three units are complem...
Swiggy turns “Unicorn”, Raises $210 Mn from DST Global
FUNDING

Swiggy turns “Unicorn”, Raises $210 Mn from DST Global

Food Delivery Platform Swiggy has sealed its much awaited $210 million funding with Russian billionaire Yuri Milner's' DST Global thereby finally making entry into the prestigious "Unicorn" club. The company has informed that the investment round also saw participation from hedge fund Coatue and existing backer Meituan Dianping, with a total capital crossing $466 million including this round. Swiggy will be using the freshly raised capital in revamping its supply chain network and expanding to new markets. With an expected market valuation of $1.2 billion, the food delivery startup is ready to beef a war with Ant Financial-backed Zomato and new rivals like Ubereats and Ola-owned Foodpanda. Sriharsha Majety, CEO of Swiggy, in a statement, said, We’re thrilled to have grown the onl...
Meituan Dianping Acquires Mobike for $ 2.7 Billion
ACQUISITION

Meituan Dianping Acquires Mobike for $ 2.7 Billion

Meituan Dianping, a Chinese mobile internet company also operating a trading platform and local life information recently acquired Mobike for $2.7 billion. Tencent Holdings support both companies and the deal is likely to increase the competition between the holding company and the Alibaba Group as both companies go toe-to-toe in a fierce competition to maximize their reach on the Chinese market. Meituan announced the deal on Wednesday but did not want to reveal the amount paid for the acquisition. However, two anonymous sources told Reuters that Mobike was bought for $ 2.7 billion. The acquisition will see Meituan and Mobike merge their technology, operations, marketing and consumer service resources, a statement from Meituan affirmed. The mobile internet company also shared that Mo...
Alibaba Buys Out Remaining Shares of Ele.me
ACQUISITION

Alibaba Buys Out Remaining Shares of Ele.me

Alibaba Group, the Chinese e-commerce giant announced that after buying 43% of stakes in Ele.me, a leading food delivery platform, it decided to buy all the remaining shares of the company as it looks forward to compete with Tencent Holdings for offline customers. The deal, which is still in process, will stand at a value of $9.5 billion, Alibaba released in a statement. Ele.me, is the Chinese word for “Hungry?” and among the fast evolving and rapid growing e-commerce businesses present in China which is set around consumers ever more reliable on their smartphones to buy products and receive services. The acquisition from Alibaba expands its e-commerce food delivery facilities such as several other businesses it owns stakes or bought in the last few years such as delivery platform...
Selfi Discovery App for Hyperlocal Magicpin Raises $3 million Series A Funding
FUNDING

Selfi Discovery App for Hyperlocal Magicpin Raises $3 million Series A Funding

Magicpin, a hyperlocal discovery app, founded by Investor-turned-entrepreneurs Brij Bhushan and Anshoo Sharma have raised $3 million in Series A round of funding from Lightspeed Venture Partners. The app offers Instagram-like features where users can take pictures and selfies to avail of offers and discounts at neighbourhood stores. “While looking at the market from an investing lens, it was quite clear that India is entering a phase where everyone would be connected through their smartphones. A trip to China in late 2014 was an eye opener for the kind of businesses and value such an environment would create. There is an opportunity window today in India for creating a massively valuable business that leverages data, technology and people networks around offline transactions, and w...