Airbnb’s vital China opposition Tujia raises $300M some-more during a $1.5B valuation


Airbnb finally got critical about a Chinese marketplace this year, and now a arch opposition in a nation — Tujia — has tapped investors for $300 million some-more to whet a concentration on tellurian markets.

The new appropriation values Tujia during $1.5 billion, a startup confirmed. That’s a large burst on a $1 billion it ordered when it final lifted in 2015, though a association is going to a company’s online engagement business, that was decoupled from a offline section progressing this year.

CEO Luo Jun pronounced a income would go to “optimizing a user knowledge by standardizing aspects of a choice transport accommodations — such as linen washing, cleanliness, and intelligent capabilities — [and to] serve deposit in a domestic high-end genuine estate marketplace and in unfamiliar markets.”

The appropriation was led by online transport hulk Ctrip — a Nasdaq-listed organisation that works in partnership with Tujia — and All-Stars Investment, with appearance from China Renaissance’s New Economy Fund and G Street Capital. Interestingly, Glade Brook, that is also an financier in Airbnb as good as Uber, was concerned in a round, too.

Tujia claims it has racked adult 180 million downloads to date with “several hundred thousand business creation engagement inquiries each day.” The association pronounced it now covers 345 destinations in China, and some-more than 1,000 abroad interjection to partnerships like a attribute with Rakuten in Japan. In total, it claims some 650,000 listings. Airbnb doesn’t give numbers for China, though worldwide it says it has 4 million listings opposite 65,000 cities.

Tujia has been bustling on MA activity after it snapped adult smaller opposition Mayi.com in June. Airbnb had been related with a China-based merger of a own, though rumors of a understanding to buy Xiaozhu never came to fruition.

The firm’s investors contend they are bullish that a Chinese marketplace can grow to be as large as a U.S., giving Tujia a possibility to turn as large as Airbnb.

“The change in Chinese attitudes toward expenditure has been accompanied by a continual alleviation of short-term choice accommodation products. The domestic e-accommodation pity marketplace resembles Airbnb and identical enterprises in a fast growth, apropos in only a brief time an essential partial of a transport accommodation industry,” Ctrip executive authority of a house James Liang said.

That matter was echoed by Glade Brook, a Airbnb investor.

“We see poignant expansion in China’s online brief tenure let marketplace and design it to strech identical invasion levels of accommodations bookings as in a U.S. and Europe,” combined Glade Brook owner and arch investment officer Paul Hudson in a statement.

Featured Image: shankar s./Flickr UNDER A CC BY 2.0 LICENSE (IMAGE HAS BEEN MODIFIED)

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Posted by on Oct 10 2017. Filed under NEWS. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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