Meituan.Com Receives $700M Series D Financing

Beijing-based Chinese group discount platform has received US$700 million new round of financing based on a valuation of US$7 billion, according to the announcement in its Weibo account.

Details of the investors are not disclosed.

The group’s turnover for the year 2014 surged by 180% to RMB$46 billion (US$7.4 billion), according to the announcement.

The company raised US$300 million in series C financing led by global growth private equity firm General Atlantic in May 2014. Existing investors Sequoia Capital and Alibaba Group Holdings Ltd. also participated in the round.

Meituan received US$12 million series A financing from Sequoia Capital in 2010. It received US$50 million series B from Alibaba and Sequoia in 2011.

Founded in 2010, is a group-buying website across China.

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