Meituan Dianping receives $4b of financing, valued at $30b

The applications of group-buying and dining information platform Meituan and Dianping are displayed on a smartphone. China Internet Plus Holding Ltd was formed by the merger of Meituan and Dianping on October 8, 2015. [Photo/VCG]

China's leading group-buying and dining information platform Meituan Dianping announced it received a new round of financing valued at $4 billion on Thursday, according to a report by ce.cn.

The company, ranked world's 9th most valuable unicorn (private companies valued at $1 billion and above) this year by consulting firm CB Insights, now has a valuation of $30 billion after the latest round.

Chinese internet giant Tencent Holdings Ltd led this round of financing and the Priceline Group, an online travel giant, was introduced as a strategic investor.

Other major investors include Sequoia Capital, GIC, Canada Pension Plan Investment Board, Trustbridge Partners, Tiger Global Management, Coatue Management and China-UAE Investment Cooperation Fund.

Wang Xing, CEO of the company, said the company will enter into a new stage after this financing.

"Meituan Dianping will shoulder more social responsibilities and contribute to employment growth," Wang said.

The company's food delivery business has created more than 500,000 jobs in its delivery side.

According to the company, it will increase input in the research and development of cutting-edge technologies such as artificial intelligence to promote the upgrade of service industry.

Meituan Dianping was formed by the merger of Meituan and Dianping in 2015. It is now named China Internet Plus Holding Ltd.