Less than a month after two of China’s largest on-demand services companies Meituan and Dianping came together in a landmark merger, Tencent Holdings Ltd. is seeking to invest $1 billion USD in the newly combined entity, according to sources who spoke to the Wall Street Journal.
The latest round could be up to $3 billion USD, which would bring the total value of the Meituan-Dianping joint venture to $20 billion USD.
The potential investment will up the stakes in an already capital drenched market of O2O providers. In June this year Baidu revealed they would be investing $3 billion USD in Nuomi, a service that competes in the same market as Meituan and Dianping.
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