Priceline has invested $450 million in Meituan-Dianping, a Chinese e-commerce platform that is expanding into hotel reservations, ride-hailing services and restaurant bookings. The investment is part of a $4 billion total raised by the Beijing-based company in a new Series C financing round.
Meituan-Dianping was created in a merger between Meituan, a food delivery and group
buying company, and Dianping, a restaurant review app. The company claims to be China’s third-largest online consumer marketplace, with 260 million customers. Priceline has been a presence in the Asian market since 2007 through its acquisition of Agoda Co., a Bangkok-headquartered online travel company specializing in hotel discount bookings throughout the continent. The Norwalk-based Priceline identified its investment as the start of a new partnership with Meituan-Dianping.
“We are excited to support Meituan-Dianping, the well-recognized leader in China’s local services industry,” said Todd Henrich, global head of corporate development at the Norwalk-based Priceline. “Our commercial relationship between Agoda.com and Meituan-Dianping will help each company benefit from the other’s expertise and capitalize on the opportunities presented by China’s exceptionally large travel market.”