Group-Buying Site 55Tuan.Com Receives $50M New Funding

Beijing-based Chinese group-buying site has received US$50 million in a new round of funding from existing investors, according to Chinese media reports.

In 2011, the company received US$200 million from CDH Investments, Shanghai GSI Investment, Tianjin Redbud Capital and Zero2IPO Capital.

The latest funding will be used to expand the company’s services, develop its mobile platforms, as well as optimize products and services.

Launched in 2010, 55Tuan currently operates in over 200 cities in China with 200,000 merchant partners.

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