Gaopeng Now Has $40M to Buy its Way into Top Rank

Chinese group buying market has been seeing a new wave of consolidation during which the bubble of bloated market burst and big guys are gobbling up the market share.

For example, Gaopeng, the JV of Groupon and Tencent, merged with FTuan in July 2012. And the new venture just completed a new round financing worth US$40 million and is considering buying out the troubled 24Quan.

Gaopeng seems to turn over a new leaf. The service once was having a flurry of troubles and is also under siege from its ferocious Chinese counterparts, including Meituan, Lashou and 55Tuan.

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