Chinese online travel startup 17u raises $82M, preps for IPO

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17u.cn, a Chinese online travel service provider, has received $82 million in a massive round of funding.

The deal was led by Boyu Capital with participation from existing investors Oriza and Asian juggernaut Tencent.

Launched in 2004, 17u started with business-to-business online travel products. Until now, it has demonstrated little difference from other consumer-facing online travel services like Ctrip. 17u.cn provides hotel reservations, flights, cruise booking, sightseeing tickets, services for self-travelers, group-buying deals, etc.

Tencent invested tens of millions of yuan in 17u.cn in mid-2012. An earlier rumor had it that the Chinese Internet giant bought a 30 percent stake in 17u in 2011. However, 17u never confirmed that deal. In 2008, the company received 35 million yuan in funding from Oriza.

After the deal in 2012, 17u’s services were integrated into Tencent’s QQ Travel platform.

In 2012, 17u announced it would go public on the Growth Enterprise Market in mainland China. That the IPO hasn’t happened may have something to do with the fact that Chinese authorities put a freeze on IPOs from October 2012 to January 2014.



Source: Venturebeat - Read the original article here

Author: Daily Tech Whip

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