Meituan-Dianping Inks Strategic Funding From State-Backed China Resources Group

Meituan-Dianping, the top provider of on-demand services in China, has received an undisclosed amount of investment from the funding unit of China Resources Group, a state-owned conglomerate, according to a company announcement.

This is the second round of funding that the joint venture has announced since its merger in October 2015. In January this year, the firm closed a massive $3.3 billion USD funding round. With the huge amount of capital in pocket, the current funding is perhaps of more strategic significance, combining Meituan-Dianping’s online platforms with China Resources’ retail assets.

A number of retail brands under China Resources  will be integrated into Meituan Dianping’s online platform as part of the deal, including its supermarket brands Vanguard, Suguo, Tesco, OLE, Vango convenience stores and Pacific Coffee. The new partnership will boost Meituan-Dianping’s capabilities amid its competition with powerhouses like Baidu Waimai and Ctrip.

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