FTuan, a Chinese group buying service is on track to raise US$ 60M in Series C round of funding with previous investor Tencent participating, according to its founder and CEO Lin Nin. He didn’t reveal anything about the investors though.

 

He also said that the Beijing-based company would set up a JV with social networking service Kaixin001 to tap into the latter’s huge use base of over 100 million. Kaixin001 announced last week that FTuan would operate the company’s group buying service.

When asked about the turmoil regarding Chinese group buying market of downsizing and other setbacks, Lin ascribed these to blind expansion.

Founded in March, 2010, FTuan has always been trying to differentiate itself from the Chinese group buying crews by more selective deals. The site pulled in nearly RMB 100M ($ 15.6M) in Aug of this year.