Chinese travel site Mafengwo raises $250 mln in Tencent-led funding round


SHANGHAI, May 23 (Reuters) - Chinese travel site Mafengwo said it has raised $250 million in a funding round led by Tencent Holdings Ltd 0700.HK as it expands in the booming online travel market.

In a statement on Wednesday, the company said General Atlantic, Qiming Venture Partners, Yuantai Investment, NM SS Holdings Limited and Hopson Emerald Limited were the other investors who participated in the fundraising.

Mafengwo competes with International Co Ltd CTRP.O, Fliggy, backed by Alibaba Group Holding Ltd BABA.N, and many other rivals.

Mafengwo, or "wasps' nest" in Chinese, is an online community where Chinese tourists share travel tips and shop for bespoke travel products.

The nine-year-old company also expanded into bookings for travel services via affiliate partners.

(Reporting by Josh Horwitz; Editing by Anshuman Daga)


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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