Only one year ago, Dianping, the Chinese Yelp-like service announced its amazing $100millions funding which gave the company ~$1billion valuation. Despite that Zhang Tao, CEO of Dianping recently said to the public the company still had good amount of cash, today Dianping confirmed its $60millions Series D funding. It’s also reported that the new valuation is a little more than $10b.
Dianping’s founded back in April, 2003. By Q2 2012, Dianping has offered its service to over 2300 cities/towns in China, has over 1.5millions merchants registered in its database. Thanks to the fast growth of mobile Internet and Group-buying model, now the number of monthly active users has reached 48millions, its mobile applications also claims over 40millions users. According to Long Wei, VP of Dianping, the traffic to Dianping mobile already exceeded the traffic to its website. The company claims break-even in November 2008, now has around 3000 staff nationwide.
One more interesting fact we found out is that at early stage, Dianping also received $4m investment from Google. I guess Google should be proud of this, event itself is not really in China right now, it’s still the share holder of the most popular Chinese “local King”.
There is no doubt that the money raised from the new round will be mainly used for Dianping’s expansion in mobile Internet. The question still waits to be answered is that with $1bn valuation, when will Dianping be able to get listed?