Temasek-backed chinese language commute web site aims to elevate up to $300 million: sources

HONG KONG (Reuters) - A chinese language trip website backed by Singaporean state investor Temasek Holdings [TEM.UL] hopes to carry as much as $300 million in a brand new funding circular that it hopes to value the firm at $2 billion to $2.5 billion, two individuals with skills of the remember said.

Mafengwo, or "wasps' nest" in chinese, is a web group for chinese tourists where they share trip counsel and store for bespoke trip products.

The enterprise hopes to use the clean funds to acquire improved tourism resources and products and more advantageous monetize its latest trip content material, one of the sources, who couldn't be recognized since the information is private, informed Reuters on Friday.

The fundraising volume and the enterprise's valuation could exchange reckoning on market appetite, in response to the two sources. Mafengwo has been in talks with knowledge buyers for at least a few months, they pointed out.

Mafengwo didn' t reply automatically to a request for remark.

The business raised $133 million in December in its collection D fundraising circular from new buyers, including U.S. deepest fairness fund customary Atlantic, commute sector investment enterprise Ocean hyperlink, Temasek, Yuantai funding and Hopu Investments, in addition to latest buyers - Capital these days, Qiming project and Hillhouse Capital community.

Mafengwo and a number of custom-made go back and forth services suppliers in China, such as Qyer, are gaining popularity as chinese language americans are spending greater on home and overseas shuttle.

The China countrywide Tourism Administration suggested four.fifty seven trillion yuan ($663 billion) in home tourism revenues for 2017, up 16 p.c from 2016. China's international shuttle revenues amounted to $123.4 billion, up three p.c from 2016.

extra individual tourists used cellphone apps to book motels or buy go back and forth items during th e past 12 months, based on the administration's facts.

Mafengwo noted at its old fundraising it had one hundred million lively monthly users, eighty five percent of whom got here from its cellular app. The site had more than one hundred thirty five,000 shuttle articles posted by using users each month and expected its 2017 earnings from particular person shuttle products to exceed 9 billion yuan ($1.three billion).

users can booklet transportation and excursions, order visa application functions and buy shuttle insurance from Mafengwo. The web page additionally pays some clients to put in writing commute blogs.

Reporting by Kane Wu and Julie Zhu; enhancing by means of Paul Tait


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