Meridian Capital China and Hangzhou Hongfan Tiansheng Capital have led a RMB120 million (US$17 million) series B funding round in Aipinji, a Uber-like application for airline tickets in China.
Glory Ventures, Initial Capital, Guanghe Venture Capital and a number of Chinese RMB funds also participated.
Hangzhou-based Aipinji, operating via Apin.com and different mobile apps, connects airline ticket whole-sellers and end-consumers directly to help airlines better manage their ticket sales and provide users cheaper prices.
"Aipinji’s team is ambitious and creative," said Sun Jianbo, a partner at Initial Capital. "Its objective of creating an open and smart air ticket sharing platform makes it a potential future technology giant."
Aipinji currently works with thousands of air ticket suppliers and tens of thousands travel agencies in China. Its monthly transaction volume has reached RMB100 million (US$14 million), and is growing at 20% monthly, the company claims.
The company said it plans to use the funding proceeds on market expansions in China and Asia Pacific, developing new products and grow its partner network.
