October 20, 2017

Priceline invests $450 Million in Chinese e-commerce giant Meituan-Dianping


Meituan-Dianping, a Chinese e-commerce platform, aims to expand its other fast-growing lines of business in hotel reservations, ride-hailing, and restaurant bookings thanks to a fresh round of investment.

The Beijing-based company has raised $4 billion in investment, it said on Thursday. Past investor Tencent, the messaging-and-games giant, led the round. Priceline Group participated in the round with a $450 million investment.

A Skift source said that there would be a commercial agreement where Priceline Group’s Asia-focused Agoda brand would cooperate with Meituan-Dianping’s Travel & Leisure division, one of four divisions at the company. The division sells lodging and transportation for domestic and international travel to Chinese consumers. It booked more than 18 million room nights of accommodation bookings in July alone.

The deal with Agoda will be similar to Booking.com’s arrangement with Ctrip, according to the source. For reference, anywhere between 60 and 80 percent of Ctrip’s non-China hotel inventory comes from Booking.com.

Get the full story at Skift

Read also "The $30bn start-up you’ve probably never heard of" at TechCentral