Meituan-Dianping may soon raise its value to $25-30 billion with a new round of fund raising worth between $3 and 5 billion, according to unknown sources cited by Bloomberg. Meituan’s long-time backer Tencent is said to be participating in the round, the report says.

The new funding means that Meituan-Dianping could be upping its game in conquering China’s offline to online (O2O) market. Meituan-Dianping covers a wide array of O2O services, including its core businesses food delivery and group buy. Among its other services ticket booking, ride-hailing, micro-loans, and homestay.

Last week, Meituan-Dianping announced that it plans to be “the most aggressive investor in the offline retail space.” By entering “new retail”, the company has challenged China’s two e-commerce giants Alibaba and JD in their own playing field. Meituan-Dianping has stated that it plans to rely on more than $3 billion remaining from a $3.3 billion funding round in early 2016 to set up an infrastructure for services including offline retail.

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Masha Borak

Masha Borak is a technology reporter based in Beijing. Write to her at masha.borak [at] technode.com. Pitches with the word "disruptive" will be ignored. Read a good book - learn some more adjectives.